Bitcoin is currently trading at a level of approximately 119,000 USD.
The market witnessed a liquidation of 152.79 million USD worth of Bitcoin.
Most cryptocurrencies indicate a state of market uncertainty, while some have maintained good performance. Assets are swinging between bullish and bearish. Notably, Bitcoin, the largest asset, broke through significant barriers and reached its all-time high yesterday at 124,457 USD.
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After another series of recovery attempts, the price of Bitcoin may exceed the 125,000 USD barrier. In the early hours of the morning, Bitcoin was trading within the range of 121,174 USD, and with the bearish trend, the currency fell to its daily low of around 117,254 USD.
Data from CoinMarketCap shows that at the time of this report, the price of Bitcoin was trading at 119,017 USD after recording a 1.53% loss. At the same time, the asset is trading in the greed range, with the fear and greed index stabilizing at 60.
Moreover, the daily trading volume of the asset decreased by 7%, reaching 91.34 billion USD. According to Coinglass data, the market faced a liquidation of 152.79 million USD worth of Bitcoin during this period.
Where is the price of Bitcoin headed from here?
The convergence and divergence moving average crossover line for Bitcoin below the signal line indicates the beginning of bearish momentum. The MACD indicator is still above the zero line, and the overall trend is slightly bullish. There may be a slight pullback instead of a reversal unless the price drops below zero.
Furthermore, the Capital Flow Evaluation Index, which is the Chaikin Money Flow (CMF) for Bitcoin, is at 0.03, indicating slight buying pressure in the market, with money flowing into the asset, but not strongly. Given the weak momentum, the trend could change quickly.
Additionally, the daily relative strength index (RSI) for the largest asset is at 46.29 just below the neutral level, indicating slight bearish momentum. The market is still balanced, and there is no signal of overbought or oversold conditions. Notably, the bullish-bearish power (BBP) value for Bitcoin, at -1,511.83, indicates that bears are currently in control.
The bearish control over Bitcoin formed a red candle, which may cause the asset to remain stuck in a consolidation state. The price may find initial support at 119,009 USD. Any extended correction will lead to additional bearish pressure, pushing the price below 119,001 USD, with a death cross appearing.
Assuming that the price of Bitcoin appears green on the chart, a breakout above the 119,025 USD range could temporarily invalidate the bearish trend. More upward correction could trigger the golden cross to take action. Ultimately, bulls will push the price up in an attempt to revisit the recently recorded high of around 119,033 USD or higher.