The Trust Layer for Market Analysts

The analysis identifies compounding areas of interest for Bitcoin, suggesting potential long-term positions. In the short term, the analysis remains corrective, anticipating a potential drop to around 112,200. Wednesday is noted to have higher positive returns, with average positive gains being 2.65%, with negative closes resulting in average negative returns of 1.71%. To the upside, a buffer around 117,250 is identified, while a downside target is set around 112,100. A daily close below 112,100 could indicate further downward continuation, targeting around 110,000 and beyond.The median weekly price for Bitcoin stands at 106,000, which is the medium between the 24 periods. An additional analysis reveals a 2-day timeframe for Bitcoin spot price action, however this is still bearish.