Key takeout
- BTC has lost 1% of its value in the past few hours and is now below $103,500.
- If bearish feelings continue, the coin can immerse itself towards a support level of $10,000.
As Bears gain control, Bitcoin drops to under $104,000
The cryptocurrency market has so far been poor weekends, with Bitcoin and other major cryptocurrencies currently in red. Bitcoin, the number one cryptocurrency in market capitalization, lost about 1% of its value in the last 24 hours, falling below $104,000 in the process.
During pressing, Bitcoin Price At $104,400, it could be even more soaked if the bearish feelings continue. The Bears regained control over the past few hours, and liquidation was $450 million, primarily a long position.
Data obtained from Coinglass It revealed that the $387 million liquidation is tied to a long position where it bets on profiting from price increases. In a note, James Toledano, Chief Operating Officer of Unity Wallet, said:
“The mixed view of whether BTC will again go above $110,000 or fall into the $90,000 area doesn’t surprise me at all, emphasizing the overall indecisiveness and the market feels.
BTC could immerse in $100,000 in bearish feelings
Bitcoin is currently trading above $103,000, but it could drop as bearish feelings get stronger. Continuing conflicts in the Middle East continue to affect cryptocurrency markets, and no obvious solution is visible.
Technical indicators refer to downward movements in the near future. 4H Bitcoin MACD remains in the negative zone, indicating that sellers continue to dominate a higher framework. The relative strength index of 44 also suggests that Bitcoin is still facing sales pressure from investors.
If the bears continue to control, Bitcoin can test a support level of $100,000 in the coming hours or days. If you can’t hold a $10,000 support level, your BTC spiral will almost immediately go to $90K.
However, once the Bulls regain control, BTC can target the nearest liquidity level, around $106,672. With expanded bullish momentum, BTC rallysers can gather towards around $109,000 towards transaction liquidity.
