On Sunday, Bitcoin (BTC) saw a brief surge that initially sparked optimism but quickly faded, raising concerns among traders about a potential bearish reversal.
Brief Price Change
Bitcoin's price surged from $107,300 to $108,800 on Sunday, but these gains were quickly lost by the end of the day, raising fear of a bearish reversal ahead of the market opening.
Technical Levels and Analysis
Analysts point to several concerning signals: the Relative Strength Index (RSI) shows bearish divergence, and increased selling activity is noted on crypto exchanges. Additionally, on-chain data indicates an uptick in open interest in perpetual futures.
Short-term Bitcoin Outlook
Short-term risks persist as the $107,000–$108,000 range serves as a critical support level. Failure to hold above this might result in a price drop towards the $100,000–$104,000 range.
The bitcoin market remains unstable, and monitoring technical levels and selling activity may help to identify future trends.
