Shortly after 8 a.m., Bitcoin fluctuated between $111,760 and $112,091 over the past hour. Despite bearish signals across various timeframes, volatility remained subdued. The cryptocurrency’s market cap was valued at $2.23 trillion with a 24-hour trading volume of $68.04 billion, while its intraday price ranged from $109,862 to $112,576.
The technical outlook for Bitcoin indicates a clear downward trend following its recent fall from a peak of $126,272. As observed on the daily chart at 8:30 a.m. EST on Sunday, there has been a sharp reversal marked by a bearish engulfing candlestick pattern and rising red volume—signifying strong selling pressure.
Significant resistance levels are positioned at $118,000 and $126,000 with immediate support around the vicinity of $107,000. Until prices decisively surpass these resistance points again convincingly negative momentum is expected to prevail favoring strategies that capitalize on rallies near critical levels.
The four-hour chart reveals ongoing weakness as it formed an interim bottom at approximately $109683 followed by only modest recovery efforts characterized by low conviction volumes indicating limited enthusiasm among market participants. Structurally speaking, Bitcoin appears trapped within either potential bearish flag formations or short-lived upward corrections increasing probabilities further declines unless able break sustain above $114k-$115k band failure clear this threshold could prompt another move towards region surrounding $109k
From shorter-term perspective one-hour chart shows consolidation phase post-sharp decline from $122582 downwards current price behavior suggests coiling which may indicate accumulation distribution depending next breakout direction Volume notably decreased during recent bounce contrasting heavier volumes seen drop indicating lack strength present upward movement Clear push above $113K supporting volume would suggest short-term bullish momentum though prevailing structure still leans bearishly
A review key indicators highlights prevailing indecision downward tilt momentum Relative Strength Index (RSI) stands 42 suggesting neutral conditions Stochastic Oscillator reads15 Commodity Channel Index (CCI) −69 both reflecting lackluster Average Directional Index(ADX) &equals28 pointing trend yet reach strong directional clarity Meanwhile Momentum Indicator stands &minus8571 Moving Average Convergence Divergence(MACD) level429 both signaling weakness recent trends
The moving average summary also reflects persistent downside pressure All short- mid-term Exponential Moving Averages(EMA) Simple Moving Averages(SMA)<100-period show current pricing trending below respective levels including10-20-30-50-&100-period EMA SMA metrics contrast200-period EMA SMA reveal current pricing exceeding longer averages indicating potential long-support near107K divergence between short weakness long structure suggests broader uptrend intact immediate sentiment remains cautious
Bullish Perspective:
Despite recent price dips, Bitcoin maintains structural integrity above key long-moving averages hinting possible recovery if buyers reclaim range between114K116K Decisive breakout accompanied sufficient volume beyond113K could signify renewed bullishness continuation broader uptrend
Bearish Perspective:
With momentum indicators skewed negatively consistent rejections lower resistance zones Bitcoin remains vulnerable further downside Failure reclaim114K115Kranges increases likelihood retesting$109Kor even move toward$&107Kin line dominant short-bearish trend
💡 FAQ
Why is bitcoin’s price consolidating right now?
Bitcoin is trading in narrow confines as traders await definitive breakout beyond $&113Kor breakdown below$&1090
What levels are critical for bitcoin’s next move?
Resistance lies close to $&1140&11500 whereas support hovers around&$10700 defining present battleground
Is broader bitcoin trend still bullish?
Despite temporary weaknesses holding firm against200-day moving averages indicates enduring nature underlying uptrends
What could trigger renewed bullish momentum?
Volume-backed surge past ranges spanning through113116 K might shift sentiment confirming return buyer strength