- Bitcoin is trading within the $97.6K range.
- The market has witnessed $44.52 million in BTC liquidations.
The largest asset, Bitcoin (BTC) continues to dominate the cryptocurrency market as its price movements are crucial. BTC reflects a period of consolidation following multiple drops. Bitcoin’s price is suffering to reclaim the $100K mark, facing repeated rejections that triggered sharp pullbacks.
The price action of the asset has established a series of lows and highs as it fails to maintain the momentum above the $100K mark. Intraday fluctuations have been notable, with BTC visiting a low of $94,745 and a high of $97,977.
BTC price chart (Source: CMC)
BTC’s series of declines has been testing crucial support around $95K. The asset opened the day trading at $96,837. The asset has spiked by over 1.12%, and at press time, Bitcoin trades at $97,684. Consequently, the asset has stepped into the neutral zone as the Fear and Greed Index stays at 43.
Furthermore, during this timeframe, the market has witnessed a 24-hour liquidation of $44.52 million worth of Bitcoin. Also, the daily trading volume of the asset has reached $37.83 billion.
Will Bitcoin Bulls Take Charge or Will Bears Prevail?
The four-hour Bitcoin candlestick chart reports a broader bearish sentiment. The mixed market signals have kept BTC trapped in a consolidation phase. The asset is trading close to the key support level at $95,748, and further losses could trigger selling. That would put additional pressure, extending BTC’s correction.
A bounce off to $99,764 could trigger Bitcoin to reclaim the $100K level. Assuming breaching this barrier would nullify the negative trend and see a resurgence in demand. Hence, it could break above the crucial $105K threshold and might attempt to revisit its all-time high of $109,114 hit 21 days ago.
BTC’s Moving Average Convergence Divergence (MACD) line and signal line are settled below the zero line. It indicates a strong bearish outlook and selling pressure dominates the market. As long as both remain below the zero line, the overall trend remains weak.
BTC chart (Source: TradingView)
In addition, the Chaikin Money Flow (CMF) indicator stationed at -0.03 highlights bearish pressure. The selling pressure is slightly stronger than the buying pressure. Meanwhile, the daily trading volume of the asset has increased by over 63.90%.
Moreover, Bitcoin’s daily relative strength index (RSI) at 45.73 points out the neutral to slightly bearish momentum. Notably, the Bull Bear Power (BBP) of -3.891 suggests that bears are in control with selling pressure outweighing buying momentum.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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