Bitcoin remains under pressure amid a general decline in the cryptocurrency market. Current price and market behavior highlight a complex situation for investors.
Current Bitcoin Price
As of now, Bitcoin trades at $104,430 with a market cap of $2.07 trillion. The daily trading volume is $51.52 billion, which is down 4% from previous values.
Technical Analysis and Market Signals
Technical analysis shows that the Moving Average Convergence Divergence (MACD) lines have crossed below the zero line, indicating a strong bearish phase. The Chaikin Money Flow (CMF) indicator is at 0.03, suggesting slight buying pressure.
Future Prospects
If Bitcoin fails to hold above the $104.5K support level, it may lead to further potential decline toward the $103K mark. Conversely, if the price rises, the next target will be the resistance level at $104.6K.
The current situation in the Bitcoin market indicates challenging conditions for traders. The future direction will depend on the asset's ability to maintain current levels and break key resistance levels.
