The cryptocurrency market continues to exhibit a bearish trend following the significant decline observed yesterday, as reported by CoinStats.
Bitcoin (BTC) has experienced an 8% decrease in value since the previous day.
Examining the hourly chart, Bitcoin’s price is positioned nearer to its resistance level than its support. Should buying momentum persist, there is potential for a breakout that could propel prices towards the $114,500-$115,000 range.
On a broader scale, Bitcoin’s outlook remains pessimistic as it hasn’t significantly rebounded from its support threshold.
This suggests that trading within the $111,000-$114,000 band might be more probable at this juncture.
In terms of medium-term analysis, sellers appear to have gained control. If this week’s candle closes below last week’s low of $111,597, it could trigger further declines toward testing levels between $100,000 and $105,000 soon.
Currently trading at $112,392 as per recent data updates on Bitcoin’s performance in real-time markets.