Look!!! Bitcoin price correction! Can it break through the key resistance in the short term?

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According to CoinMarketCap data, Bitcoin (BTC) has recently failed to maintain bullish dominance. Since yesterday, the BTC price has dropped by 0.54%, accumulating a decline of 5.84% over the past week.

Short-term technical analysis:

On the hourly chart, Bitcoin's price is currently near the local resistance level of $97,248. If it breaks through this point, the price may continue to rise towards the $98,000 area. However, from a larger time frame perspective, the market lacks a clear dominant trend, and the exchange rates of major cryptocurrencies are far from key levels, making it difficult to see significant volatility in the short term.

Mid-term trend:

Pay attention to the key levels in the mid-term—the closing price of the weekly candlestick chart, especially the level of $97,092. If the price closes far from this point, a local rebound may occur, pushing Bitcoin's price back up to the $100,000 area. This trend may continue until the end of the month.

The trading price of Bitcoin is $96,396, which will determine the short-term market direction in the coming days.

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