According to CoinStats, the majority of cryptocurrency values are reverting to negative territory.
In contrast to other digital currencies, Bitcoin (BTC) has experienced a slight increase of 0.23% over the past 24 hours.
Even with today’s uptick, Bitcoin’s short-term outlook appears pessimistic. Should local support fail, further decline towards $120,000 could be anticipated.
On a broader scale, buyers have struggled to maintain upward momentum following yesterday’s positive closure.
If today’s trading ends near or below current levels, sellers might gain control, potentially testing the $118,000-$119,000 range.
From a midterm perspective, BTC recently demonstrated an unsuccessful breakout at $125,725. If this week’s trading concludes significantly away from that point, it may signal continued descent towards $118,000.
The current price of Bitcoin stands at $121곚 as of now.