Key takeaways
- Bitcoin is down 1.5% in the last 24 hours and now trades below $106k.
- The leading cryptocurrency by market cap risks dropping to $100k after failing to hold key support levels.
The cryptocurrency market is having a poor start to the week, with Bitcoin relinquishing some of the gains it recorded last week. The world’s leading cryptocurrency by market cap has lost 1.5% of its value in the last 24 hours and now trades below $106k.
At press time, the price of Bitcoin stands at $105,503 and could drop further if the bearish trend continues. BTC dropped to the $105,250 region on Tuesday, failing to hold a key support level at $105,800.
With the bears currently in control, Bitcoin’s price could slip further in the coming hours or days.
Bitcoin price forecast: $100K in sight for BTC amid selling pressure
The BTC/USD 4-hour chart is currently bearish but inefficient, indicating that sellers could likely sweep liquidity to the upside before Bitcoin’s price dips lower. The technical indicators on the 4H chart are bearish, suggesting selling pressure on the cryptocurrency.
The MACD lines have crossed into the negative zone, indicating that there are more sellers than buyers. Furthermore, the RSI of 46 shows that BTC has a weak buying pressure at the moment.
If the price slips and sustains below the moving averages, the BTC/USD pair could drop to the next major support level at $104,500. Failure to maintain this support level could see BTC test $100k for the first time since June 23rd.
However, the bearish setup will be invalidated if BTC rebounds and crosses the EPA (Efficient Price Action) level at $106,719 and rallies higher. Any
Any move above the Inducement Liquidity (ILQ) at $107,866 could see Bitcoin rally towards $109k once again.
