Bitcoin’s value has undergone a correction after a new all-time high

The price of bitcoin BTC $74,004.70 Mezo Wrapped BTC -1.35% Market capitalization $99.68 million VOL. 24 hours $0.93 billion reached a new all-time high of $ 109,112, but then went into a short-term correction, falling below $ 104,500. Currently, BTC is trading around $ 101,000, holding the key support at $ 100,000.

The last time the flagship cryptocurrency rose to $ 107,000 before starting a correction. The lowest price was recorded at $ 100,114, after which a slight recovery took place. However, the market is showing signs of uncertainty as the main resistance is now at $ 104,500.

Technical indicators suggest a bearish trend with a key resistance line at $ 104,000. If the price can break through this level, it could open the way for a retest of $ 106,500 and higher.

On the downside, support is located at $ 100,500 and $ 98,800. Further losses could bring the price down to $ 96,500.

According to analysts, bitcoin is currently in a consolidation phase, but a successful breakout of resistance could trigger a new growth momentum to $ 108,000 or even $ 109,500.