Bitcoin (BTC) is currently trading at $115,880 having decreased by 0.96% over the past day. The short-term strength is provided by the price movement, but the market activity is getting weak. The trading volume has decreased by 18.23% and now stands at $34.12 billion. The reduced participation indicates that the momentum is cooling.
Source: CoinMarketCap
Bitcoin has declined by 0.14% in the last seven days. The small downward movement indicates a tentative situation with limited gains. The decrease per day and the loss per week are points of uncertainty. Traders remain skeptical about whether BTC could maintain any positive trend.
Crypto analyst Crypto VIP Signal highlighted that Bitcoin failed to support a crucial level and retreated. The price is temporarily stabilizing under a slight uptrend, and this may indicate that momentum is weak. The resistance has risen between $116,500 and $116,800 and forms a constraint that prevents any further increase.
The analyst has stated that any upside is dependent on reclaiming this resistance zone. Bitcoin will probably stay in the range without recovery. The forecast indicates sideways trading over the weekend as the market tests both the support and resistance levels.
Source: X
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Furthermore, Man of Bitcoin, another analyst, mentioned that BTC fell below micro support. He observed that the coin can now be developing a wave-4 correction. The wave is supported between $114,627 and $112,606. Any break below this price would be a sign of weakness and a probable fall extension. This is a critical level that is being followed by market watchers.
Source: X
CoinGlass data shows decreased activity. The trading volume decreased by 9.24% to $58.39 billion. Open Interest decreases by 1.04% to $84.70 billion. The fall reveals a loss of interest in leveraged positions. The BTC OI-Weighted Funding Rate is 0.0071%, indicating neutral conditions with a slight bullish orientation.
Source: CoinGlass
Bitcoin experiences limited volatility prospects as the weekend starts. Price action would remain within the refined range. Traders are closely monitoring resistance as a potential indicator of future momentum. Upside potential can be limited without more powerful support on the part of trading activity. The decisive action of Bitcoin lies in its support or failure in the sessions ahead.
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