The cryptocurrency market is experiencing significant price fluctuations, particularly with Bitcoin showing a decline. This article reviews the recent changes and predictions.
Current Price Fluctuations of Bitcoin
The price of Bitcoin (BTC) has fallen by 0.31% since yesterday. On the hourly chart, there is upward movement after a false breakout of local support at $103,757.
Short-Term Predictions and Key Levels
If the upward trend continues, a test of resistance at $105,972 is expected shortly. However, on larger timeframes, bulls have failed to maintain the rise following yesterday's bullish close. If the bar closes near support, traders may witness a breakout followed by a move to the $103,000 range.
Long-Term Trends in the Cryptocurrency Market
From a midterm perspective, it's too early to make distant predictions. If the weekly candle closes around $104,000 or below, sellers may take the initiative, leading to a continued decline towards the $100,000 zone.
At the moment, Bitcoin is trading at $104,391. Current price fluctuations indicate market uncertainty and the need for careful monitoring of developments.
