Bitcoin Drops 1.32% Breaking $108,585 Support

Bitcoin (BTC) has experienced a slight decline in its price, dropping by 1.32% over the last 24 hours. This decrease has led to a break in the local support level of $108,585 on the hourly chart. If the daily bar closes at or below the current prices, the correction is expected to continue, potentially reaching the $107,000 mark in the near future.

On a longer time frame, the bullish momentum that was observed after yesterday's bullish closure has failed to sustain. This indicates a potential test of the $106,000-$107,000 range by the end of the week if the current situation persists. From a midterm perspective, neither the bulls nor the bears are dominating the market, leading to a decrease in trading volume. This suggests that traders are unlikely to witness any sharp price movements in the near future.

At the time of reporting, Bitcoin is trading at $108,088. The overall market sentiment remains cautious, with most coins returning to the green zone. The lack of a clear dominant trend in the market indicates a period of consolidation, where prices may fluctuate within a narrow range before a significant move is made.