Bitcoin is currently experiencing significant downward pressure, with sellers taking control of the market. Recent price movements indicate a potential continuation of this bearish trend, challenging key support levels across various timeframes.
Short-Term Momentum: A Bearish Shift
Over the past 24 hours, Bitcoin (BTC) has seen a notable decline of 4.54%, signaling a strong shift in market dynamics. On the hourly chart, BTC's price has fallen below the local support level of $107,948, indicating that sellers are currently more powerful than buyers. This immediate trend suggests that a continued price drop is the most probable scenario in the very short term, with the asset moving towards the next significant support at $106,137.
Mid-Term Outlook: Key Support Levels Under Threat
Looking at the broader picture, if the current downward momentum persists and the $106,137 support level fails to hold, Bitcoin could retest the crucial psychological range of $100,000 to $105,000 before the end of the week. From a midterm perspective, buyers have struggled to maintain positive growth following a previous bullish rally. Should buyers fail to regain control and initiative, the ongoing correction is highly likely to extend further, potentially pushing the price down to the $100,000 mark. Bitcoin was trading around $108,027 at the time of writing.
