This weekend, the Bitcoin (BTC) price saw a correction as per CoinStats data. On Saturday, we see BTC/USD experiencing a drop of 0.4% from yesterday’s levels. A closer look at the hourly chart reveals an upward movement following a false breakout of the local support level of $117,394. If this trend continues, a test of resistance is expected tomorrow. However, on larger time frames, the picture appears less optimistic. The price of Bitcoin is near support levels, suggesting a potential bearish signal. A break past the $117,201 mark could potentially trigger a decline to the $115,000-$116,000 range. However, from a midterm perspective, a false breakout at the $123,236 level was observed. If this week’s closing price deviates significantly from that mark, bears might gain the upper hand, potentially leading to further correction to the $112,000 area.