Bitcoin Price Under Pressure Amid Ongoing Correction

The Bitcoin (BTC) price has been under selling pressure in recent times as investors seek to establish stability in the market. Despite high momentum in the cryptocurrency space, leverage positions have slightly decreased, suggesting that the downward trend may persist.

According to CoinMarketCap, BTC's current trading price is at $79,802, marking a 1.51% decline over the last 24 hours. Its total market capitalization stands at approximately $1.59 trillion, while daily trading volume reached $39.60 billion.

A crypto analyst has pointed out that the Bitcoin price continues to struggle in forming a solid support base, and unless buying pressures rise soon, further declines are possible. The formation is being followed in lower timeframes, indicating a period of unclear movements before forming a trend, with the blue scenario implying an ongoing downward trend.