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.
The asset’s price movement formed a series of lows and highs as it failed to maintain bullish momentum. In the early hours, BTC reached a peak of $95,598 before dropping to the daily low around $93,498.
Intraday fluctuations pushed Bitcoin to its current trading level. At press time, Bitcoin recorded a 0.21% spike, trading around $94,948. As a result, the asset entered the greed zone, with the Fear and Greed Index holding steady at 60.
Furthermore, the market witnessed a 24-hour liquidation of $45.62 million worth of Bitcoin during this timeframe. Additionally, the asset’s daily trading volume increased by 48.39%, reaching $30.87 billion.
Is Bitcoin Poised for a Bull Run or Facing a Fall?
The four-hour chart for Bitcoin reports a bearish takeover, signaling a reversal of the short-term trend. The red candlestick may trap the asset in a consolidation phase. BTC may find key support at $94,461, and additional losses could increase downside pressure, driving the price to $93K.
If the asset’s price paints a green chart, it typically indicates a bullish signal. A bounce to $95,880 could nullify the negative trend and trigger a resurgence in demand, likely pushing 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 the decline continues, the asset will maintain its weakness. Additionally, the Chaikin Money Flow (CMF) indicator at 0.09 suggests that investors are directing money into the asset, showing mild buying interest in the market.
Bitcoin’s daily relative strength index (RSI), at 57.14, sits in the neutral to bullish zone, reflecting slight bullish momentum. Notably, the Bull Bear Power (BBP) value of 749.76 shows a strong bullish bias, indicating that buyers control the market.
