Bitcoin continues to face pressure amidst negative trends in the cryptocurrency market.
Bitcoin's Decline and Market Conditions
Bitcoin (BTC) has fallen below the $110K mark, currently trading around $109,819. The asset has attempted multiple recoveries, reaching $112,946 earlier, but faced strong bearish pressure, dropping to a recent low of $108,762. The market experienced $276.11 million in Bitcoin liquidations over the past 24 hours.
Technical Analysis and Indicators
The current MACD line has crossed below the zero line, indicating overall bearish momentum. The Chaikin Money Flow (CMF) indicator shows a value of -0.11, suggesting mild selling pressure. Despite some outflow from the asset, it is not significant.
Predictions and Possible Support Levels
Current analyses suggest Bitcoin may find support at $109,809. If further declines occur, the price could drop to $109,799. Should the asset manage a recovery, a resistance test at $109,829 may be possible.
The situation for Bitcoin in the market remains tense, and future forecasts will depend on price behavior in the coming days.
