- Bitcoin is currently trading around the $119K mark.
- The market has witnessed $152.79M in BTC liquidations.
The majority of the crypto tokens are waving the red flag in the market with a few holding the green chart. The assets are swinging between hot and cold water. Notably, Bitcoin, the largest asset, broke through crucial barriers and hit an all-time high yesterday at $124,457.
With another series of recovery attempts, the BTC price could exceed the $125K mark. In the early hours, BTC traded at a range of $121,174, and with the bearish command, the asset fell back and visited its daily low at around $117,254.
The CoinMarketCap data shows that at the time of writing, Bitcoin traded within the $119,017 mark after posting a loss of 1.53%. Meanwhile, the asset is in the greed zone as the Fear and Greed Index value of BTC holds at 60.
Furthermore, the daily trading volume of the asset is down by 7%, reaching $91.34 billion. As reported by the Coinglass data, the market has faced a liquidation of $152.79 million worth of Bitcoin during this timeframe.
Where Does Bitcoin Go From Here?
Bitcoin’s Moving Average Convergence Divergence line crossing below the signal line implies the beginning of bearish momentum. The MACD is still above the zero line, the broader trend is slightly bullish. There could be a minor pullback rather than a reversal, unless it dips below zero.
Moreover, the capital flow assessing indicator, the Chaikin Money Flow (CMF) value of BTC, is located at 0.03, hinting at a mild buying pressure in the market, with the money trickling into the asset, but not strongly. As the momentum is weak, it could shift either way quickly.
Additionally, the largest asset’s daily Relative strength index (RSI) found at 46.29 is just below neutral, suggesting mild bearish momentum. The market is still balanced, no overbought or oversold signal. Notably, BTC’s Bull Bear Power (BBP) value of -1,511.83 indicates that the bears currently have the control.
Bitcoin’s bearish takeover has formed red candlestick, that might push the asset to remain trapped in consolidation. The price could then find its initial support at $119,009. An extended correction would apply additional downside pressure, sending the price below $119,001, with the emergence of death cross.
Assuming the BTC price prints a green chart, a breakout toward the $119,025 range could briefly nullify the bearish trend. Further upside correction might trigger the golden cross to take action. Eventually, the bulls would drive the price up to attempt revisiting its recent high at around $119,033 or even higher.