Key takeaways
- BTC has lost 1% of its value over the last few hours and now trades below $103,500.
- The coin could dip towards the $100k support level if bearish sentiment persists.
Bitcoin dips below $104k as bears gain control
The cryptocurrency market is having a poor weekend so far, with Bitcoin and other major cryptocurrencies currently in the red. Bitcoin, the number one crypto by market cap, has lost roughly 1% of its value over the last 24 hours, dropping below $104k in the process.
At press time, the price of Bitcoin stands at $104,400 and could dip further if the bearish sentiment continues. The bears regaining control in the last few hours resulted in $450 million in liquidations, mostly long positions.
Data obtained from CoinGlass revealed that $387 million of liquidations were tied to long positions that bet on profiting from rising prices. In a note, James Toledano, chief operating officer at Unity Wallet, stated that,
“The mixed view of whether BTC will go above $110,000 again or drop into the $90,000 area doesn’t surprise me at all and underscores the overall indecision people and markets feel. The present BTC stalemate reflects a market caught between bullish long-term sentiment and short-term macroeconomic and geopolitical uncertainty.”
BTC could dip to $100k amid bearish sentiments
Bitcoin is currently trading above $103k but could dip lower as bearish sentiment grows stronger. The ongoing conflict in the Middle East continues to affect the cryptocurrency market, with no obvious resolution in sight.
The technical indicators are pointing to a downward movement in the near term. The 4H Bitcoin MACD remains in the negative zone, indicating that sellers continue to dominate the higher-timeframe narrative. The relative strength index of 44 also suggests that Bitcoin is still facing selling pressure from investors.
If the bears continue to dominate, Bitcoin could test the $100k support level in the coming hours or days. Failure to hold the $100k support level could see BTC spiral to $90k almost immediately.
However, if the bulls regain control, BTC could target the nearest liquidity level around $106,672. An extended bullish momentum could see BTC rally towards the transactional liquidity around $109k.
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