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- Bitcoin drops to $113,553 as daily volume falls to $73.6 billion, showing weak interest from short-term traders.
- Price faces pressure at $113K support with potential move toward $110K to $104K range.
- RSI at 40.69 and weak MACD crossover indicate fading momentum in the current correction phase.
Bitcoin is currently trading at $113,553, with a decline of 1.01% in the last 24 hours due to the bearish pressure. The weekly slump is now at 3.78%, which shows strong selling pressure. The volume of daily trading also declined by 12.74%, reaching $73.6 billion, which is indicative of the lack of interest among short-term traders.
Source: CoinMarketCap
Bitcoin Struggles to Regain Control Below $116K
Crypto analyst Crypto Jobs highlighted that the four-hour (H4) structure has gone bearish with Ichimoku confirmation. The recent breakout of the H4 range transformed $116,000 into powerful resistance. Price action currently has the challenge of recapturing the upper hand without volume and momentum.
Source: X
However, the sellers are currently pressuring the $113,000 level, which is currently providing local support. A failure to retain this region will see a push towards $110,500 and $110,000. The further downside might stretch to the level of the $107,000 and the $104,000 as the key weekly support area.
Source: X
That wider range of $110,000 to $104,000 is where the bulls are observing a healthy retest. A rebound out of this range can be an indication of the completion of the correction. Nevertheless, if it breaks below this level and falls to lower degrees, it can start a deeper bearish trend, canceling the bullish weekly formation.
Source: X
Also Read: Whales Quietly Accumulate Over 218,000 Bitcoin as Market Prepares to Surge
The key resistance levels to watch are at the price of $115,300, $116,100, $117,500 and $119,600. On the downside, the support levels are at $113,200, $112,600, $110,500, $107,000, and $105,000. The following areas are going to be crucial in the future sessions since the volatility of prices is high.
Source: X
MACD and RSI Show Weakness
The RSI is currently at 40.69, almost in the oversold region but it does not demand a reversal yet. The MACD indicator is indicating a weak bullish crossover, where the MACD line is at -438.63 and the signal line is at -526.67. The histogram has very light green bars showing little upward momentum.
Source: TradingView
Volume and Open Interest Drop
According to CoinGlass data, the trading volume reduced by 8.64% to $101.73 billion. Open interest also dropped by 1.79% to $82.13 billion, showing a decrease in open leveraged positions. The OI-weighted funding rate still stands at a very modest positive, 0.0045% indicating that the market is slightly long biased.
Source: CoinGlass
Bitcoin is in a corrective trend and the short-term mood is bearish. Despite the fact that the weekly chart still indicates the possibility of bullish extension, traders have to be cautious on the short-term price action. The $110,000 and $104,000 zone will be a defining battle area. Strong defence can renew the bullish hopes, but a breakdown can attract deeper losses in the future.
Also Read: Stablecoin Growth Fails to Disrupt Visa and Mastercard’s $15 Trillion Empire
