Prices for all top cryptocurrencies are decreasing recently, and Bitcoin is no exception. Analyzing the current situation highlights several key points.
General Market Trends
According to CoinStats, all top-10 cryptocurrencies are exhibiting negative price trends. This tendency indicates rising pressure on the market and may influence the overall sentiment of investors.
Bitcoin's Market Position
The price of Bitcoin (BTC) has decreased by 1.62% over the last day. On the hourly chart, the price of BTC is moving towards the local support at $106,765. If the bulls cannot seize the initiative, a test of the $106,500 range is expected by tomorrow.
Forecasts and Possible Scenarios
From a longer-term perspective, traders should focus on the daily bar closure concerning the support level of $106,827. If a breakout occurs, the accumulated energy could lead to a drop to the $105,000 area. There is also the potential for a correction to the $100,000-$105,000 zone if the weekly bar closes significantly below the $109,356 mark.
The decline in cryptocurrency prices, especially Bitcoin, indicates uncertainty in the market. Traders should be attentive to the mentioned support levels and possible scenarios for future developments.
