Bitcoin's Continued Descent: Bearish Momentum Grips Crypto Market

Bitcoin is currently grappling with significant selling pressure, extending its bearish trend across the cryptocurrency market. The digital asset has struggled to maintain key support levels, indicating a strong likelihood of further price declines in the near term. Investors are closely monitoring critical resistance and support zones as the market navigates this intensified downturn.

Bitcoin Price Dips Further

After failing to hold above the crucial $110,000 support, Bitcoin initiated a fresh decline, dipping below the $109,000 and $108,800 marks. This downward movement pushed BTC into a distinctly bearish zone, trading below the $108,000 level and the 100-hour Simple Moving Average. The price action saw a break below the 76.4% Fibonacci retracement level of a recent upward move, further solidifying the bearish sentiment. A significant bearish trend line has also formed with resistance near $109,400 on the hourly chart, acting as a formidable barrier against any upward attempts.

Key Levels to Watch as Downward Trend Persists

Should Bitcoin bulls attempt a recovery, immediate resistance lies near $108,200, followed by the stronger $108,800 level. The primary hurdle remains the $109,500 resistance, closely aligned with the bearish trend line. A successful close above $109,500 could potentially trigger a move towards the $110,000 and even $111,500 resistance levels, with the next major barrier at $112,000. However, if Bitcoin fails to overcome the $108,800 resistance, the downside momentum is expected to continue. Immediate support is found near $106,200, with the first major support at $105,500. A break below this could see the price testing $104,200 and potentially the $103,500 support zone. Technical indicators reinforce this bearish outlook, with the Hourly MACD showing bearish acceleration and the Hourly Relative Strength Index (RSI) currently below the 50 level.