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Bears are making their presence felt as the weekend begins, signaling potential shifts in the Bitcoin market. According to insights from CoinStats, the current climate is marked by uncertainty as the crypto landscape fluctuates.
BTC/USD Analysis
The price of Bitcoin (BTC) has observed a decline of 0.64% since yesterday’s trading session, as market dynamics continue to shift. Traders and investors are closely monitoring this downward trend to gauge the implications for future pricing.
On the hourly chart, Bitcoin’s price is currently experiencing a rise following a false breakout of the local support level positioned at $104,135. Should the daily close show a significant deviation from this support, there’s potential for the price to test the upper resistance levels come morning.
Evaluating the broader time frames reveals a market that is currently neither driven predominantly by bulls nor bears. Bitcoin’s price is situated within the same range as yesterday’s trading bar—indicating that neither side has conclusively taken control at this moment.
Related
The prevailing sentiment suggests that ongoing consolidation around current price levels appears to be the probable scenario for Bitcoin as it seeks clarity amid the market’s volatility.
From a mid-term perspective, Bitcoin’s price has shown a false breakout of the resistance around $108,353. A weekly close that reflects a lengthy wick could signal the onset of renewed bearish momentum, possibly pushing prices down towards the critical $100,000 territory.
As of the latest update, Bitcoin is trading at approximately $104,930, illustrating the ongoing tension between market sentiment and price action.
