Key Points
- BTC has fallen about 3% in the past 24 hours and is currently trading below $108,000 per coin.
- The bearish performance reflects weakening market momentum that has persisted this week.
Bitcoin Drops Below $108,000
The cryptocurrency market opened the weekly candle on a bearish note, with Bitcoin and other major digital assets suffering notable losses over the past 24 hours. Since Sunday, Bitcoin has lost roughly 3% of its value and is currently trading near $107,500 per coin.
Other leading cryptocurrencies such as Ether, XRP, and BNB are also trading in the red as market momentum continues to fade.
Last week, BTC price was rejected near the 78.6% Fibonacci retracement level around $115,000 after hopes for a Federal Reserve rate cut failed to spur a sustained rally. Since that rejection, Bitcoin has slid more than 7% from recent highs and could fall further if the bearish trend persists.
The recent downturn accelerated after Federal Reserve Chair Jerome Powell cooled expectations for a December rate cut during last week’s press briefing. Powell noted that tariffs are continuing to affect prices, which may prompt the Fed to hold rates steady for longer than some investors had anticipated.
As Bearish Momentum Builds, BTC Could Drop Below $107,000
On the BTC/USD 4‑hour chart, Bitcoin remains firmly bearish after losing roughly 3% in the last day. Technical indicators currently point lower, suggesting additional selling pressure could emerge in the near term.
The RSI sits at about 45, below the neutral 50 level, indicating sellers are in control. The MACD line has also moved below its signal zone, reinforcing the bearish bias.
If downward pressure continues, Bitcoin could test the $106,000 area within the coming hours. A prolonged bearish phase could push BTC down to the next major support near $103,571.
Conversely, if buyers regain control, Bitcoin may reclaim the first significant resistance around $111,370. Last week’s high at $116,447 remains a distant target for now due to robust selling pressure at higher levels.