A 2.12% market-wide pullback has dragged the crypto assets deeper into the red. Meanwhile, Bitcoin (BTC), the dominant token, continues to face rejections back to back, failing to cross the $95K mark. With the asset’s dominance settled at 59.2%, its Fear and Greed Index is holding at 32, exhibiting fear across the BTC market.
The asset opened the day trading at a stretch range of $93,358.98 and gradually slipped to a bottom level of $90,620.73 with the weak market sentiment. Bitcoin has lost 2.11% and is trading at $91,229.63. The 24-hour trading volume has plunged to $35.38 billion. Also, the BTC market has witnessed a liquidation worth $116.32 million.
Bitcoin’s bearish turn triggered the red candlestick formation and pushed the price toward the support at the $91,149 zone. Further losses might strengthen the downside correction, calling out the death cross to take place, and likely the mighty bears send the price even lower.
Assuming a reversal in momentum, it flips the Bitcoin chart green, bringing a resurgence in demand. The price action could rise to the immediate resistance at around $91.3K. If the emerging bulls extended the gain, the asset’s price would break above, revisits the former high.
Bitcoin’s Charts Confirm Growing Bearish Pressure
When both the Moving Average Convergence Divergence and signal lines are found below the zero line, it displays that bearish momentum is dominating. BTC is trading below its longer-term average, and any short-term bounce is considered corrective unless the MACD moves back above zero.
Besides, the Chaikin Money Flow (CMF) indicator at -0.02 points to a slight selling pressure in the Bitcoin market. The capital outflows are marginal, as bears have a minor upper hand, but the strength is weak. Significantly, this reflects indecision rather than strong downside momentum.
In addition, Bitcoin’s daily Relative Strength Index (RSI) is positioned at 28.45, signalling the oversold condition. Notably, the selling pressure has been intense, and a short-term bounce could occur. The Bull Bear Power (BBP) of BTC at -3,851.14 implies strong bearish pressure. Bears are overpowering the bullish attempts, and unless this reading starts moving back above zero, the downtrend is likely to persist.
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