The correction of Bitcoin price $BTC on multiple timeframes shows short-term bearish pressure while maintaining a bullish outlook in the long term.
The hourly chart shows a short-term bearish trend, with the price fluctuating between $95,900 and $97,118. An increase in selling volume and consecutive red candles indicate prevailing bearish sentiment. A small green candle hinted at a reversal, but the lack of continuation confirmed the downward momentum.
Key support was at $96,200; a break below this level could trigger further selling down to $95,000. Traders should expect a breakout above $97,500, supported by strong volume, and only then consider opening long positions.
On the 4-hour chart, Bitcoin is in a clear downward trend characterized by lower highs and lower lows. The price has pulled back from a local peak at $99,800, and support at $96,200 remains crucial.
