At the end of the week, most cryptocurrencies are in the red. Let’s examine the current state of Bitcoin and its prospects.
Current Bitcoin Price
The price of Bitcoin (BTC) currently stands at $118,184. Over the past week, there have been no changes, maintaining stability.
Technical Analysis and Price Forecast
On the hourly chart, BTC is approaching a local support level at $117,888. If this level is broken, there is a possibility of testing the $117,500 range. On larger time frames, neither side is dominant, and Bitcoin's price is far from key levels.
Market Perspective for the Coming Days
In the upcoming days, it is quite likely that Bitcoin will continue to trade sideways in the $116,000-$119,000 range. Traders should focus on the closing of the weekly candle at the $119,482 level. If it closes far from this mark, a decline to around $112,000 could occur.
The cryptocurrency market remains tense, especially for Bitcoin, which is poised for either growth or decline depending on traders' behavior in the coming days.
