- Bitcoin is currently hovering from the 115.7k range to around 1157k range.
- BTC’s daily trading volume has dropped by more than 20%.
The Bears hold strong markets and extend the majority of their assets into the red zone. As asset prices are losing momentum, the BTC market is facing negative side pressure. After a series of ups and downs, the price chart shows a sharp downtrend, with assets currently exceeding 0.92%.
BTC Prices face multiple rejections and continue to struggle to get out of the bear stage. The asset began day trading at a high of $116,615. A bearish encounter led to the price slipping to a low of $115,141. As a result, BTC was in the neutral zone as its indicators of fear and greed remained at 48.
At Press Time, Bitcoin, the largest asset, traded at the level of around $115,761. Moreover, daily trading volume fell by more than 20.44% to $333.2 billion. According to Coinglass data, in this time frame, the market witnessed an event of 24-hour liquidation of $38.05 million BTC.
Additionally, Ali’s chart highlights that Bitcoin is testing key support at $115,440, according to the price range. If held above this level, your next upside target could be around $137,300. However, once BTC breaks down, the price could slide towards $93,600, indicating a potential debilitating.
Who controls the Bitcoin market – Bulls or Bears?
Bitcoin’s technical indicator analysis reports that the moving average convergence branch line is below the zero line, while the signal line is above zero. This indicates a mixed signal. The overall momentum is bearish, but it also shows signs of bullishness. In a clear direction, the MACD must cross the zero line.
BTC Chart (Source: TradingView)
Additionally, it is important to pay attention to capital flows using the Chaikin Money Flow indicator, located at -0.07, suggesting slight sales pressure in the market. The value is negative, so the money is in it. If the CMF goes positive, it suggests a new purchase right to BTC.
Assets are trading negatively while zooming in to the 4-hour price graph. The price is facing upward-moving challenges, which will be $115,754 towards its main support range. Bitcoin’s extended bear correction could be made at the start of the death cross and drops to $115,747.
Conversely, assuming a bullish turnaround for Bitcoin, the price could rise and test immediate resistance at the $115,768 level. Strong inverse corrections can cause potential bulls to unfold with golden crosses. The asset will break beyond $115,775.
BTC Chart (Source: TradingView)
Additionally, the daily relative strength index (RSI) value of BTC at 47.26 is below neutral levels. The assets currently show a slight bearish trend, but not extreme. Moves above 50 reinforce the positive trend, while a drop to 30 suggests it is oversold. Negative Bullbear Power (BBP) shows Bitcoin’s strong bearish momentum with a reading of -1,036.79, meaning the possibility of further price drops.
