This week, the Bitcoin spot market showed a corrective trend even though the price had reached a new high above $100,000. After reaching that level, the Bitcoin price experienced a rapid and significant decline. Here is a further analysis of the situation:
Price Trends and Corrections
Bitcoin price peaked at $104,088 on Binance before falling to a low of $90,500 later the same day.
Despite the drop, Bitcoin managed to recover and traded around the $100,000 level on average throughout the week.
There are indications that any price increase will be followed by selling, while a price decrease will attract a lot of demand from the market.
Market Demand and Support
Strong market demand is seen when Bitcoin prices fall, indicating that there is significant buying interest at certain levels.
The current key support level is at $90,791. If the price breaks through this level, the next potential supports are at $85,072 and $81,500.
Outlook and Forecast
Although the long-term market sentiment looks bullish, there is a possibility of a correction in the near term.
If Bitcoin manages to break through the resistance level at $104,088, there is potential to reach new levels around $110,000 to $115,000.
However, if the price falls below the $90,000 level, it could trigger a small correction before the price moves back up.
Investor/Trader/Observer Opinion
The #bitcoin☀️ market is currently in a corrective phase with decreasing volatility.
Although there is potential for further upside, attention should be paid to the mentioned support and resistance levels.
Investors are advised to remain vigilant and conduct research before making investment decisions.#BecomeCreator 
