Key Takeaways
- Bitcoin has dropped by 3% in the last 24 hours, now trading below $108,000.
- This decline comes as market momentum continues to weaken.
Bitcoin Falls Below $108,000
The cryptocurrency market is experiencing a bearish trend as it opens the weekly candle. Bitcoin, along with other major cryptocurrencies, has faced significant losses in the last 24 hours. The price of Bitcoin has declined by 3% since Sunday, currently trading at approximately $107,500.
Other leading cryptocurrencies, including Ether, XRP, and BNB, are also showing negative performance as market momentum continues to diminish.
Bitcoin’s price was rejected at the 78.6% Fibonacci retracement level at $115,000 last week, and the Federal Reserve’s decision to lower interest rates failed to trigger a rally. Since then, Bitcoin has lost more than 7% of its value and may drop further if the bearish trend persists.
This recent downturn follows comments from Federal Reserve Chairman Jerome Powell, who dampened expectations of an interest rate cut in December during a press conference last week. Powell noted that ongoing interest rates continue to impact prices, potentially leading the Fed to keep rates steady for an extended period.
Bitcoin May Dip Below $107,000 as Bearish Momentum Intensifies
The BTC/USD chart over the last four hours remains bearish, with Bitcoin losing 3% of its value in the past 24 hours. Current technical indicators are bearish, indicating potential for further selling pressure in the market.
The Relative Strength Index (RSI) at 45 is below the neutral level of 50, suggesting that sellers are currently in control of the market. Additionally, the MACD lines are positioned below the positive zone, reinforcing a bearish bias.
If selling continues, Bitcoin’s price could potentially drop to $106,000 in the coming hours. A prolonged bearish trend may see it fall to its major support level at $103,571.
However, if bullish traders regain control of the market, Bitcoin might reclaim its first major resistance level at $111,370. The recent peak of $116,447 remains distant for now due to significant selling pressure.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
