Quick Summary
- Bitcoin (BTC) drops over 2.47%, trading at around $105,302.
- Daily high hit $108,910 before a steep drop to $104,684.
- Market capitalization slips by 2.91%, now at $3.32 trillion.
- $214.31 million worth of BTC liquidated in the last 24 hours.
- Fear and Greed Index sits at 60, indicating greed.
- Indicators suggest bearish momentum, with RSI at 37.45 and MACD below zero.
- Next support lies at $105K, with a potential rebound to $106.5K if bulls return.
Bitcoin Dips Below $106K: What Traders Should Know
Bitcoin (BTC), the world’s largest cryptocurrency, is currently undergoing significant turbulence. After multiple recovery attempts, BTC has slipped to $105,302, down 2.47% in the past 24 hours. Despite short-term highs reaching $108,910, bearish pressure has dragged the coin back down near the $104,684 mark.
With the broader crypto market cap declining by 2.91%, the overall environment remains uncertain. In just the last day, over $214.31 million worth of BTC was liquidated, showing signs of panic selling and heightened volatility.
Technical Analysis: Bearish Indicators Dominate
On the 4-hour BTC/USDT chart, a strong red candle fully confirms the classic downtrend pattern. According to analysts, the MACD and signal line are both below zero, highlighting sustained negative momentum.
Additional Key Indicators:
- RSI (Relative Strength Index): 37.45 – BTC is in bearish territory but not yet oversold.
- CMF (Chaikin Money Flow): -0.05 – Slight outflow indicates mild selling pressure.
- BBP (Bull Bear Power): -2,392 – A strong bearish signal.
These signs suggest that Bitcoin may either continue downward or enter a consolidation phase, especially if no buying momentum emerges.
What’s Next for Bitcoin? Support or Rebound?
🔻 Downside Possibility
If bearish sentiment continues, BTC could test its immediate support around $105K. A drop below this level might further intensify selling pressure and trigger a short-term breakdown.
Upside Potential
On the flip side, if Bitcoin gains some bullish traction, breaking above $106K could start to reverse the negative trend. A further push could potentially take BTC to $106.5K, with a longer-term goal to reclaim its all-time high (ATH).
Market Sentiment: Greed with Caution
Interestingly, despite the price drop, the Fear and Greed Index sits at 60, placing the market in the greed zone. This mixed signal shows that while investors are still hopeful, the technical charts are raising caution flags.
Final Thoughts
Bitcoin’s current price action presents a critical juncture for traders and investors. With major indicators pointing to bearish momentum, only a strong reversal above $106K can turn the tide. Until then, cautious optimism and tight stop-losses may be the best approach.
For detailed price forecasts and trend analysis, visit our in-depth Bitcoin Price Prediction 2025-2030.