Key takeaways
- BTC is down 3% in the last 24 hours and is now trading below $108k.
- The bearish performance comes as momentum in the market continues to weaken.
Bitcoin slips below $108k
The cryptocurrency market is opening the weekly candle bearish, with Bitcoin and other major cryptocurrencies suffering huge losses in the last 24 hours. Bitcoin has lost 3% of its value since Sunday and is now trading at $107,500 per coin.
Other leading cryptocurrencies, including Ether, XRP, and BNB, are all trading in the red as momentum in the market continues to weaken.
BTC’s price faced rejection at the 78.6% Fibonacci retracement level at $115k last week as the Fed rate cut failed to spur a rally. It has lost over 7% of its value since then and could dip lower if the bearish trend continues.
The recent bearish trend comes as the Fed chair Jerome Powell quenched expectations of a December rate cut during his press conference last week. According to Powell, the tariffs continue to affect prices, and this could see the Fed leave interest rates unchanged for a while.
BTC could dip below $107k as bearish momentum strengthens
The BTC/USD 4-hour chart remains bearish and efficient as Bitcoin has lost 3% of its value in the last 24 hours. The technical indicators are currently bearish, with further selling pressure expected in the market.
The RSI of 45 is below the neutral 50, suggesting that sellers are currently in control of the market. The MACD lines are also below the positive zone, indicating a bearish bias.
If the selloff continues, Bitcoin’s price could drop to the $106k level over the next few hours. An extended bearish trend would see BTC drop to he major support level at $103,571.
However, if the bulls regain control of the market, Bitcoin could reclaim the first major resistance level at $111,370. Last week’s high of $116,447 remains unlike at the moment due to the heavy selling pressure.
Source: https://coinjournal.net/news/bitcoin-price-forecast-btc-could-face-further-correction-as-momentum-weakens/
