Bitcoin and other cryptocurrencies had a short correction in the early trading session as a range of crypto-specific and broader macroeconomic factors pulled prices in different directions. Despite the short-term dip, the broader market trend remains intact, with Bitcoin recording an approximate 15% gain over the past month.
As the crypto market saw a pause in the momentum, Bitcoin is down by 0.3% over the last 24 hours to $108,600. At the time of writing, Bitcoin is trading flat. For the present price action, the total market cap of Bitcoin reached $2.15 trillion, with a 24-hour trading volume of $33.402 billion.
In this overview, we will analyse the key technical levels and trend directions for Bitcoin to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
Bitcoin is trading lower from its all-time high with a strong correction. Currently, Bitcoin is flat around $108,600 with a first level of support at $108,393. If the price manages to break this level, we can see a downfall to the next support at $106,700, and a decline in price below this level will push the price to fall to the price level at $105,371.
On the upside, we can see in the chart that the first level of resistance is at $109,030, followed by the next resistance at $110,517, and $111,978. If the price manages to break above the first level of resistance this level we can see an upside movement to the next level of resistance in the next trading sessions.
In Closing
Currently, Bitcoin is in a correction phase and trading within a key range of support and resistance.
If the price successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels are not breached, the market may shift into a bearish trading session.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
