Key takeaways
- BTC fell about 3% in the past 24 hours and is now trading below $108,000.
- The bearish move comes as market momentum continues to weaken.
Bitcoin slips below $108,000
The cryptocurrency market opened the week with a bearish candle as Bitcoin and several major altcoins posted notable losses over the last 24 hours. Bitcoin has declined roughly 3% since Sunday and is currently trading around $107,500 per coin.
Other leading cryptocurrencies, including Ether, XRP and BNB, are also trading in the red as broader market momentum softens.
BTC’s price encountered rejection at the 78.6% Fibonacci retracement level near $115,000 last week after hopes for a Fed rate cut failed to spark a rally. Since that rejection, Bitcoin has dropped more than 7% from that high and could fall further if the bearish trend persists.
The recent downturn followed comments from Fed Chair Jerome Powell, who dampened expectations for a December rate cut during last week’s press conference. Powell noted that current rates continue to affect prices, suggesting the Fed may keep policy unchanged for a while.
BTC could fall below $107,000 as bearish momentum builds
The 4-hour BTC/USD chart remains bearish as Bitcoin lost roughly 3% in the past day. Technical indicators currently signal downside potential, with further selling pressure likely in the near term.
The RSI sits near 45, below the neutral 50 level, indicating sellers are in control. The MACD line also remains below the positive zone, reinforcing the bearish bias.
If selling persists, Bitcoin could test the $106,000 area within the next several hours. A prolonged bearish trend would expose the next key support around $103,571.
On the upside, if bulls regain control, BTC could reclaim the first major resistance near $111,370. Last week’s high around $116,447 currently looks out of reach amid heavy selling pressure.