Today, most cryptocurrencies are experiencing a downturn, as reported by CoinStats.
The value of Bitcoin (BTC) has seen a slight increase of 0.14% compared to the previous day. However, over the past week, it has decreased by 5.43%.
Looking at the hourly chart, BTC’s price briefly dipped below its local support level at $109,317 but didn’t stray too far from this point. If current trends persist without change, there could be further declines toward the $109,000-$109,200 range.
On a larger scale analysis, Bitcoin continues to face selling pressure from market participants.
If today’s trading session concludes around or below current levels, we might see an attempt to reach the $108,000-$109,000 zone before month’s end.
From a midterm perspective focusing on weekly closures near $107,389 is crucial. Should prices break through this level decisively? The correction may extend towards approximately $104,000.
As of now, a single Bitcoin is valued at $ 109,447