Currently, most cryptocurrencies from the top 10 list are showing negative trends. In this article, we will examine the current situation in the market, specifically regarding Bitcoin.
Situation with Bitcoin
The Bitcoin (BTC) rate has dropped by 0.44% over the past day. On the hourly chart, the price is testing the local support level at $106,729. If this level breaks, further decline is likely to lead to the next support zone at $106,000.
Market Analysis
On the daily timeframe, the situation looks neutral as neither side has seized the initiative. This is confirmed by falling trading volumes, indicating low chances for sharp moves in the coming days.
Price Prospects for Bitcoin
From a mid-term perspective, the situation is more positive for bulls. However, it is important to focus on the weekly bar's close. If it closes around $110,000 without long wicks, one can expect a test of the resistance at $112,000. As of the time of writing, Bitcoin is trading at $106,788.
Thus, the current changes in the cryptocurrency market, especially in relation to Bitcoin, suggest cautious optimism, but further confirmation is needed through trading volumes and the week’s closing level.
