Over the weekend, Bitcoin (BTC)
$105,789 traded within a narrow range, showing no significant movement. Since reaching its May peak, the leading cryptocurrency has been predominantly sideways as part of an ongoing correction. Experts emphasize the importance of maintaining key support levels to sustain the long-term bullish trend. The market eagerly awaits a clear breakout signal.
Current Situation on Bitcoin Pricing
The correction phase that began after Bitcoin hit record highs in May is ongoing. Over the weekend, its price movements were confined within a limited band without any clear direction, reflecting a prevailing downtrend in the current market dynamics.
Analysts speculate that Bitcoin might experience further declines in the coming days. Currently, the first critical support range is identified between 99,200 and 92,800 dollars. Should the price fall below these levels, the next significant support point is expected to be at 81,340 dollars.
Bitcoin Price Analysis and Commentary
A decisive close below this critical threshold could signal the end of the current bull market, according to some experts. While there is speculation about the potential formation of a rare triangle pattern, no concrete technical evidence supports this view yet.
Long-term Bullish Scenarios and Target Prices
Despite the ongoing correction, the long-term optimistic scenario for Bitcoin remains valid. If the price holds the critical support zones and responds positively, an upward trend is anticipated to resume.
Should this scenario unfold, the initial target for Bitcoin emerges as the 130,000 dollars level. With further improvement in market conditions, this upward movement could extend to 190,000 dollars. Thus, unlike the downward scenarios, the protection of support levels presents a significant gain potential.
Short-term Technical Outlook on Bitcoin
In the shorter timeframe, Bitcoin is trading above some minor support levels. During the weekend, the overall expectation was that the cryptocurrency would either experience limited recovery or continue within its existing sideways channel before potentially reentering a downtrend. Although this expectation has not materialized yet, it remains persistent.
For a more positive short-term picture, Bitcoin needs to rise above 108,822 dollars and convert this level into support. As of now, there is no clear indicator of such a move commencing. The market waits for further signals before determining a definitive direction.