- Bitcoin is currently hovering around the $115.7K range.
- BTC’s daily trading volume has fallen by more than 20%.
The bears are holding the market strong, sweeping the majority of the assets into the red zone. With the asset price losing momentum, the BTC market faces downside pressure. After a series of ups and downs, the price chart illustrates an intense downtrend, and currently the asset lost by over 0.92%.
BTC price has faced multiple rejections, and continues struggling to step out of the bear phase. The asset opened the day trading at a high of $116,615. With the bearish encounter, the price has slipped to a low of $115,141. Consequently, BTC has been in the neutral zone as the Fear and Greed Index stays at 48.
At press time, the largest asset, Bitcoin, traded at around the $115,761 level. Besides, the daily trading volume has dropped by over 20.44%, reaching $33.32 billion. During this timeframe, the market has witnessed an event of 24-hour liquidation of $38.05 million worth of BTC, according to the Coinglass data .
In addition, the Ali’s chart highlights that Bitcoin is testing a key support at $115,440, as per the Pricing Bands. If it holds above this level, the next upside target could be around $137,300. But if BTC breaks below, the price might slide toward the $93,600 mark, signaling potential weakness.
Who Will Dominate the Bitcoin Market — Bulls or Bears?
Bitcoin’s technical indicator analysis reports that the Moving Average Convergence Divergence line is found below the zero line, while the signal line is above zero. This indicates a mixed signal; the overall momentum is bearish, but also shows a trace of bullish strength. For a clear direction, the MACD needs to cross above the zero line.
BTC chart (Source: TradingView )
Moreover, it is crucial to note the capital flow with the Chaikin Money Flow indicator, which is positioned at -0.07, suggesting a slight selling pressure in the market. As the value is negative, the money is flowing out than in. If CMF turns positive, it would hint at a renewed buying interest in BTC.
While zooming in on the four-hour price graph, the asset is trading on the downside. The price faces a challenge moving upward, and hence falling toward its key support range at $115,754. Bitcoin’s extended bearish correction might initiate the death cross to take place, leading to a drop to $115,747.
Conversely, assuming Bitcoin’s bullish turnaround, the price might rise and test the immediate resistance at the $115,768 level. With a strong upside correction, the potential bulls could trigger the golden cross to unfold. It would push the asset’s price to break past the $115,775 mark.
BTC chart (Source: TradingView )
Furthermore, the daily Relative Strength Index (RSI) value of BTC at 47.26 is below the neutral level. The asset is currently showing a slight bearish trend, but it is not at an extreme. A move above 50 would reinforce a positive trend, but a drop to 30 suggests it is oversold. The negative Bull Bear Power (BBP) reading of -1,036.79 points to strong bearish momentum for Bitcoin, implying the potential for further price drops.
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