Over the last week, most cryptocurrencies have returned to the red zone. However, Bitcoin has shown a slight increase of 1.3% over the past day, reaching a level of $118,592. This article provides an analysis of the current Bitcoin price situation and forecasts for future movement.
General Information on Bitcoin Prices
Bitcoin (BTC) shows a slight price increase of 1.3% over the last day. Currently, the price is $118,592.
Current Support and Resistance Levels Analysis
On the hourly chart, the price of BTC is trying to secure above local resistance at $118,500. If it succeeds, further growth to $119,000 is anticipated. Notably, the nearest support level is at $118,775.
Forecasts for Bitcoin Price Movement
If the bulls can maintain their positions, the current momentum may lead to further upward movement towards the $120,000 range. However, a break above the $123,236 resistance could lead to a new all-time high.
In conclusion, despite the overall downward trend in the cryptocurrency market, Bitcoin shows positive signs with the potential for further growth. The next resistance and support levels will be crucial for predicting the direction of future movements.
