Key takeaways
- BTC fell nearly 3% in the past 24 hours and slipped below $110k.
- The sell-off continued despite analysts remaining optimistic about BTC’s medium-term performance.
BTC slips below $110k as altcoins bleed
The cryptocurrency market has been volatile since the start of the week and now appears to be ending on a bearish note. Bitcoin, the largest cryptocurrency by market capitalization, lost 2.8% of its value over the past 24 hours and is trading below $110k.
This bearish performance comes despite positive medium- and long-term forecasts for BTC. Asset manager Bitwise projects Bitcoin could trade near $1.3 million by 2035, citing institutional demand, scarce supply, and macroeconomic tailwinds.
In its report, Bitwise added that in a bullish scenario Bitcoin could reach $2.97 million (CAGR 39.4%), while a bearish case could leave BTC around $88,005 (CAGR 2%).
Banking giant JPMorgan has also stated that Bitcoin appears undervalued relative to gold. The bank argued that the digital asset is becoming increasingly attractive for institutional portfolios, which could push prices higher over the medium to long term.
BTC may retest $108k to find support
The 4-hour BTC/USD chart looks bearish and decisive, reflecting Bitcoin’s weaker performance in recent days. The coin could decline further in the coming hours as it searches for stronger support.
The Relative Strength Index (RSI) on the 4H chart reads 47, below the neutral 50 level, signaling bearish momentum. The MACD line is also in negative territory, indicating sellers currently hold the upper hand.
If Bitcoin closes below its daily EMA at $110,883, it could slide further and retest the recent low at $108,513. An extended bearish run would push BTC toward the next major support at $103,991, the 200-day EMA.
Conversely, if the market rebounds and closes back above the $110k EMA, that could extend the recovery toward the next daily resistance near $116,000.