The weekend has kicked off with bulls taking the lead over bears, as reported by CoinStats.
In contrast to other cryptocurrencies, Bitcoin (BTC) has experienced a slight dip of 0.11% in the past day.
Looking at the hourly chart, BTC’s value attempted but failed to break through the local support level of $109,255. If it doesn’t rebound soon, we might see its price slide further towards $109,000 by tomorrow.
On a broader scale, things are less definitive. The primary cryptocurrency is trading within yesterday’s range without any clear winner between buyers and sellers.
This suggests that Bitcoin may consolidate between $109,000 and $110,000 in the coming days.
From a midterm perspective, BTC continues its downward trend following an unsuccessful attempt to surpass resistance at $117,622. Should this decline persist down to the support level of $107,389; we could witness a test around the $105,000 mark shortly thereafter.
Currently priced at approximately $109,352, Bitcoin remains under close watch as market dynamics unfold.