Today, the leading cryptocurrencies are experiencing a decline, as reported by CoinStats.
The value of Bitcoin (BTC) has seen a reduction of nearly 2% within the last 24 hours.
Examining the hourly chart reveals that BTC’s price continues to exhibit bearish tendencies. Should bulls fail to gain control before day’s end, traders might anticipate a breach of support levels and further descent towards approximately $110,000.
On an extended time scale, Bitcoin is challenging its support at $110,768. If this level fails to hold against selling pressure, we could witness a drop into the range between $109,000 and $110,000 by week’s close.
In terms of medium-term analysis, clarity is lacking. BTC finds itself in the midst of an expansive channel with neither buyers nor sellers taking charge decisively.
This situation is characterized by low trading volume which underscores the lackluster activity from both bullish and bearish forces. Consequently, it seems probable that Bitcoin will continue trading sideways within the bounds of $108,000-$112,000 for now.
The current market price for Bitcoin stands at $111,321 as per recent data collection timeframes.