- Bitcoin is currently hovering around the $108K mark.
- The BTC market recorded $89.40M in liquidations.
The solid and unwavering bearish grip within the crypto market has pushed the assets into the red zone. The overall market sentiment is fear, with the Fear and Greed Index value sitting at 33. Meanwhile, the largest asset, Bitcoin (BTC), price pattern exhibits a sturdy downtrend, posting a loss of over 2.71%.
BTC price had attempted multiple recovery attempts, but failed to cross over the $115K threshold. Breaking crucial resistance levels ahead would only help the asset to get rid of the bearish hold. In the morning hours, the price was hovering at a high of $111,711, and the bearish encounter retraced the price back to $107,534.
At the time of writing, Bitcoin trades at around $108,047, with its market cap reaching $2.16 trillion. Besides, the daily trading volume of BTC has spiked briefly to the $61.23 billion range. As per Coinglass data, the market has experienced a liquidation of $89.40 million worth of Bitcoin in the last 24 hours.
Moreover, an analyst’s chart shows the price action of Bitcoin with a key upward support trendline drawn from late 2023 through 2025. It connects multiple lows, acting as a major support level. Each time BTC touched this line, it bounced higher, confirming its strength. BTC may approach $111K, and a break below this line could signal a deeper correction.
Will Bitcoin Remain in the Bears’ Grip?
Assuming Bitcoin’s downside pressure gets stronger, the price could slip toward the $108,040 support. A highly bearish scenario triggers the emergence of the death cross, which drives the price to its former low of $108,033. Conversely, if a reversal happens, the asset might immediately climb and find the resistance at $108,054. Upon the Bitcoin momentum gaining enough traction, the golden cross may unfold, and the price could break the $108,061 mark.
Bitcoin’s Moving Average Convergence Divergence line and signal line are found below the zero line, which indicates a bearish market condition. The ongoing momentum is weaker, showing sustained downward pressure. However, if the MACD line starts moving up, it could give a sign of a potential reversal.
The capital flow of the asset is worth noting, with the Chaikin Money Flow (CMF) indicator. It is positioned at 0.14, suggesting moderate buying pressure in the BTC market. The money is flowing into the asset, showing accumulation and positive sentiment, but not strong enough to signal a bullish move.
In addition, BTC’s daily Relative Strength Index (RSI) is at 45.65. It implies a neutral to slightly bearish market condition. The asset shows balanced conditions, with no strong buying or selling pressure. Bitcoin’s Bull Bear Power (BBP) value of -2,225.11 signals strong bearish dominance. As the reading drops further into the negative, the selling intensifies. The asset is now under strong downward pressure.
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