Key takeout
- Bitcoin has dropped by 1.5% in the last 24 hours and is now below $106,000.
- After not retaining key support levels, major cryptocurrencies by market capitalization fall to $10,000.
The cryptocurrency market has started off badly for the week, and Bitcoin has given up some of its profits it recorded last week. The world’s leading cryptocurrencies by market capitalization have lost 1.5% of their value in the last 24 hours, and are now below $106,000.
During pressing, Bitcoin Price At $105,503, it could drop even further if the bearish trend continues. The BTC fell into the $105,250 region on Tuesday, failing to hold its main support level at $105,800.
With the Bears currently under control, Bitcoin prices could slip further in the coming hours or days.
Bitcoin Price Prediction: BTC’s Perspective amid sales pressure
The BTC/USD 4-hour chart is currently bearish but inefficient, indicating that sellers are likely to sweep liquidity upside down before the price of Bitcoin drops. The 4H chart’s technical indicators are bearish, suggesting sales pressure on cryptocurrencies.
The MACD line has crossed the negative zone and shows that there are more sellers than buyers. Additionally, the RSI of 46 indicates that BTC is currently under weak purchasing pressure.
If prices remain below the moving average, the BTC/USD pair could drop to the next major support level at $104,500. Failure to maintain this level of support could potentially see BTC tests $10,000 for the first time since June 23rd.
However, if BTC rises above EPA (Efficient Price Action) level at $106,719, the bearish setup will be invalidated when BTC rebounds and crosses. Any
Moves beyond Inductive Liquidity (ILQ) at $107,866 have once again brought the Bitcoin Rally to $109,000.
