The crypto assets are in an uncertain state, with their price movement remaining unclear. Bitcoin, the largest asset, continues to be in a consolidation phase after multiple recovery attempts. The $100K mark is being targeted by BTC’s price, but repeated rejections are being faced.
A series of lows and highs have been formed by the asset’s price movement as the bullish momentum has failed to be maintained. In the early hours, a peak of $95,598 was reached by BTC, before a visit to the daily low around $93,498.
The current trading level has been reached due to the intraday fluctuations. At press time, a 0.21% spike was recorded by Bitcoin, trading within the $94,948 range. As a result, the greed zone has been entered by the asset, with the Fear and Greed Index holding steady at 60.
Furthermore, a 24-hour liquidation of $45.62 million worth of Bitcoin has been witnessed by the market during this timeframe. Additionally, a 48.39% increase in the asset’s daily trading volume has been observed, reaching $30.87 billion.
A bearish takeover is reported on the four-hour chart for Bitcoin, signaling a reversal of the short-term trend. The formed red candlestick may result in the asset being trapped in a consolidation phase. Key support for BTC could be found at $94,461, and additional losses could put more downside pressure, driving the price to $93K.
If a green chart is painted by the asset’s price, a bullish signal is typically indicated. A bounce to $95,880 could nullify the negative trend and a resurgence in demand could be triggered, likely causing Bitcoin to reclaim the $100K threshold. An extended gain could result in a break above and an attempt to revisit its ATH of $109,114.
The MACD line of BTC has crossed below the signal line, indicating that a bearish crossover has occurred. If further decline continues, weakness will be maintained by the asset. Additionally, the Chaikin Money Flow (CMF) indicator at 0.09 suggests that money is being directed into the asset, with mild buying interest observed in the market.
The daily relative strength index (RSI) of Bitcoin, at 57.14, is placed in the neutral to bullish zone, reflecting slight bullish momentum. Notably, a strong bullish bias is shown by the Bull Bear Power (BBP) value of 749.76, with the market being controlled by buyers.
