Bitcoin, the world's largest cryptocurrency, has lost 6.47% of its value over the past week, leading to a reduction in its market capitalization to $2.25 trillion. Analysts are discussing potential price movement scenarios.
Market Situation Analysis
The cryptocurrency market remains volatile due to Bitcoin's inability to break initial resistance. Analyst Michaël van de Poppe described the current situation as 'classic price action,' noting that a drop below recent lows could present a 'great buying opportunity' for patient investors.
Technical Indicators Show Weakness
Recent charts show Bitcoin struggling to maintain levels above $116,000, with a rejection near $119,500 leading to further declines. RSI levels are currently around 39, indicating that the asset is approaching oversold territory. The MACD indicator also remains bearish, confirming negative market sentiments.
Bitcoin's Future: What to Expect?
Despite the recent pullback, analysts believe the market structure remains intact. The key question now is whether Bitcoin can establish a strong foundation in the $111K–$113K range. A decisive bounce in this area could support the bull market narrative.
The analysis of the upcoming days shows that Bitcoin is at a critical support level, and closely monitoring its reaction could provide insights into future price directions.
