Bitcoin (BTC) Price Prediction for May 25

Cryptocurrency Market Experiences Widespread Decline

According to the latest data from CoinStats, the prices of all top 10 cryptocurrencies have dropped over the past day. This market-wide downturn has affected the entire digital asset landscape.

Bitcoin (BTC) Faces Potential Support Test

The flagship cryptocurrency, Bitcoin (BTC), has seen a 1.62% decline in its rate over the last 24 hours. On the hourly chart, the price of BTC is heading towards a local support level of $106,765. If the bulls fail to regain control, the market may witness a test of the $106,500 range by tomorrow.

When considering the bigger picture, traders should focus on the daily bar closure and the potential support level of $106,827. A breakout below this mark could unleash enough accumulated energy for a more significant decline towards the $105,000 area.

Midterm Outlook and Potential Correction

From a midterm perspective, the price of Bitcoin has made a false breakout of the $109,356 resistance level. If the weekly trading bar closes considerably below this mark, there is a chance of a correction towards the $100,000-$105,000 price zone in the near future.

At the time of writing, Bitcoin is trading at $106,999.