- Bitcoin is trading around the $104.9K mark after a 5% loss.
- Daily trading volume is up by over 44%.
- The BTC market has seen $412.34M in liquidations.
5.31% fall within the crypto market has triggered the uncertain condition with the Fear and Greed Index value holding at 28, reflecting fear. The majority of the price charts are swept by the red wave, which includes the largest asset, Bitcoin (BTC). After multiple recovery attempts, BTC price has failed to step out of the bear hands, facing back to back rejections.
The asset has lost momentum by falling below the $110K mark. BTC opened the day trading at a high of around $111,990.81, and later with the bearish encounter, the price has slipped to a bottom range of $104,597.21. At press time, Bitcoin has posted a loss of over 5.24%, trading within the $104,922.01 range.
In addition, the asset has stepped into the extreme fear zone as the Fear and Greed Index settled at 22. Also, BTC’s daily trading volume of the asset has surged by over 44.32%, reaching the $100.99 billion mark. During this timeframe, the market has witnessed a 24-hour liquidation of $412.34 million worth of Bitcoin.
Bitcoin Price Faces Downside Risk as Bearish Technicals Flash
Bitcoin’s MACD line is positioned beneath the signal line, and both have crossed below the zero line. It indicates the strong downtrend, with the possibility of continuing the bearish momentum, and the price may decline. Moreover, the CMF at -0.15 suggests selling pressure in the BTC market, moderate bearish sentiment. The negative value shows that more money is flowing out rather than in.
The price chart of the BTC/USDT trading pair reveals the active downtrend, with the red candles. The asset could find its key support at the $104,914 level. Further losses might apply additional pressure, sending the price below $104.9K. If the asset turns around the momentum, a bounce toward $104,930 could nullify the downtrend. An extended gain might push the Bitcoin price above the $104,945 mark.
The BBP value of -4,402.65 hints at a strong bearish dominance in the BTC market. The large magnitude shows a significant control of the sellers over the buyers. Furthermore, Bitcoin’s daily RSI at 29.39 likely points out its oversold condition. Notably, the price may be due for a rebound or at least a short-term relief rally.
To gain deeper strategic insights into Bitcoin’s future potential price trajectory, delve into our detailed analysis: Bitcoin (BTC) Price Prediction for 2025, 2026, and the subsequent years up to 2030.
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