Currently, Bitcoin is trading around the $115.7K mark, experiencing a significant decline in daily trading volume by over 20%.
The market is firmly under the control of bearish forces, pushing most assets into negative territory. With the price momentum dwindling, Bitcoin faces considerable downward pressure. The recent price chart reflects a pronounced downtrend, with BTC losing approximately 0.92% at this time.
Bitcoin has encountered several rejections and continues to struggle against the prevailing bear market conditions. The day began with BTC opening at a peak of $116,615 but quickly fell to a low of $115,141 due to bearish influences. As a result, Bitcoin finds itself in neutral territory as indicated by the Fear and Greed Index resting at 48.
As of now, Bitcoin is valued around $115,761. Additionally, its daily trading volume has plummeted by more than 20.44%, totaling approximately $33.32 billion for that period. During this timeframe alone, there was an event where about $38.05 million worth of BTC was liquidated within just 24 hours according to Coinglass data.
The analysis from Ali’s chart reveals that Bitcoin is currently testing crucial support at the level of $115,440 based on Pricing Bands indicators. Should it maintain its position above this threshold, potential upward targets could reach as high as $137,300; however if it breaks below this level it may slide towards around $93,600 indicating possible weakness ahead.
Who Will Prevail in the Battle for Bitcoin — Bulls or Bears?
An examination of technical indicators shows that while the Moving Average Convergence Divergence (MACD) line remains beneath zero—indicating overall bearish momentum—the signal line sits above zero suggesting some bullish strength exists too; thus creating mixed signals overall until MACD can decisively cross above zero for clearer directionality.
BTC chart (Source: TradingView)
Additionally important is monitoring capital flow via Chaikin Money Flow (CMF), which currently stands at -0.07 indicating slight selling pressure dominating market dynamics; since values are negative here money appears to be exiting rather than entering markets—if CMF turns positive however we could see renewed buying interest emerge within BTC’s ecosystem again soon enough!
Diving deeper into four-hour pricing charts reveals continued downward trends facing challenges when attempting upward movement—leading prices toward critical support levels near about$115754 where extended corrections might trigger death crosses resulting in drops closer towards$115747 potentially occurring shortly thereafter!
If we entertain scenarios involving bullish reversals instead though prices could rise testing immediate resistance located right around$115768—with strong upside corrections possibly leading bulls triggering golden crosses allowing asset prices breaking past levels exceeding$115775 ultimately!
BTC chart (Source: TradingView)
The daily Relative Strength Index (RSI) reading sits presently at47 .26 placing it below neutral thresholds showing slight bearish tendencies without extreme conditions yet present either—a move surpassing50 would indicate strengthening positivity while declines reaching30 suggest oversold situations arising rapidly! Furthermore negative Bull Bear Power(BBP) readings recorded show-1 ,036 .79 hinting robust ongoing bearish pressures implying further declines likely forthcoming soon enough too…