The cryptocurrency market is currently grappling with a persistent bearish sentiment, with Bitcoin experiencing a significant downturn. Following a sharp dump, the leading digital asset has seen an 8% price reduction since yesterday, leaving investors keenly watching for signs of recovery or further decline.
Bitcoin's Immediate Price Action
At present, Bitcoin is trading around $112,392, with its hourly chart showing the price positioned closer to resistance than support. While there's a potential for a minor upward push towards the $114,500-$115,000 range if buyer pressure intensifies, the broader daily timeframe paints a more cautious picture. The asset has yet to rebound significantly from its support level, suggesting that sideways trading within the $111,000-$114,000 band is a more probable short-term scenario, indicating continued market uncertainty.
Critical Midterm Outlook
Looking at the midterm perspective, sellers appear to have seized control, posing a significant challenge for Bitcoin's price stability. A crucial test lies ahead: if the weekly candle closes below the previous low of $111,597, the market could witness a further substantial drop. Such a breach might trigger a test of the $100,000-$105,000 zone in the near future, underscoring the bearish momentum and the potential for deeper corrections in the coming weeks.
