Bitcoin's recent price movements offer a nuanced view for traders, with the cryptocurrency currently navigating critical support and resistance levels. After a modest daily uptick, Bitcoin has experienced a notable decline over the past week, prompting close observation of its short to midterm trajectory as it hovers around the $109,000 mark.
Immediate Price Action and Daily Pressures
While Bitcoin (BTC) registered a slight gain of 0.14% over the last 24 hours, its weekly performance shows a more significant dip of 5.43%. Hourly charts reveal a fragile attempt by BTC to break out from the local support at $109,317. This upward move appears tentative, and should momentum not build, the price could easily slide back into the $109,000-$109,200 range. On a daily timeframe, the overarching sentiment points to continued selling pressure. If the daily candle closes near current prices or lower, traders might witness a test of the crucial $108,000-$109,000 support area by the end of the month.
Midterm Trajectory and Critical Support
The midterm outlook for Bitcoin will largely be determined by its performance on the weekly chart. A pivotal level to monitor is $107,389. A decisive close below this support on the weekly bar could signal a deeper correction, potentially extending the downward trend towards the $104,000 range. With Bitcoin currently trading at $109,447, these upcoming technical tests are crucial for understanding its immediate future and broader market direction.
