Bitcoin price continues to hover around a critical support level at $114,673.97. It has increased by 0.22% on the day but is down 3.48% over the past week.
Current Status of Bitcoin Price
As of writing, Bitcoin is priced at $114,673.97. Although the last 24 hours have been relatively stable, several signs indicate potential downside if the $111,000 support level fails.
Risks and Technical Analysis
Glassnode data highlights $111,000 as a significant support level. If Bitcoin falls below this point, projections suggest the next demand zone around $90,000. Additionally, a 'Death Cross' on the 1-day chart suggests bearish momentum is possible.
Long-term Outlook and Expectations
Despite short-term weaknesses, some analysts remain bullish about Bitcoin’s long-term potential. A confirmed inverse head and shoulders pattern indicates a target of $170,000, provided the $112,000 support remains intact.
The current situation of Bitcoin price presents uncertainty; however, long-term perspectives remain positive if key support levels are maintained.
