Key Takeaways
- BTC fell nearly 3% in the last 24 hours, dropping below $110,000.
- The sell-off continues despite analysts remaining optimistic about Bitcoin’s medium-term prospects.
BTC dips below $110,000 as altcoins bleed
The cryptocurrency market has been volatile since the start of the week and 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 now trading below $110,000.
This bearish movement comes even as several forecasts remain positive about Bitcoin’s medium- and long-term outlook. Asset manager Bitwise expects Bitcoin to trade near $1.3 million by 2035, citing institutional demand, limited supply and macroeconomic pressures as driving factors.
In its report, Bitwise added that in a bullish scenario Bitcoin could reach $2.97 million (39.4% CAGR), while a bearish outcome could see BTC near $88,005 (2% CAGR).
Major bank JPMorgan has also suggested Bitcoin is undervalued relative to gold. The bank noted that the digital asset is becoming increasingly attractive for institutional portfolios, which could support higher prices over the medium to long term.
BTC could retest $108,000 to find support
The 4-hour BTC/USD chart shows a bearish bias as Bitcoin has underperformed in recent sessions. The coin could drop further in the coming hours as it searches for firm support.
The 4-hour Relative Strength Index (RSI) sits at 47, below the neutral 50 level, indicating bearish momentum. The MACD lines are also in negative territory, suggesting sellers currently hold the upper hand.
If Bitcoin closes below its daily EMA at $110,883, it could continue lower to retest the recent low around $108,513. A prolonged bearish phase could push BTC toward its next key support around $103,991, the 200-day EMA.
Conversely, if the market rebounds and Bitcoin closes back above $110,000, it could extend its recovery toward the next daily resistance near $116,000.