Key takeaways
- BTC fell 3% in the past 24 hours and is now trading below $108,000.
- The bearish move is driven by weakening market momentum.
Bitcoin slips below $108k
The cryptocurrency market opened the weekly candle on a bearish note, with Bitcoin and other major cryptocurrencies suffering notable losses over the last 24 hours. Bitcoin has given up about 3% since Sunday and is trading around $107,500 per coin.
Other leading cryptocurrencies, including Ether, XRP and BNB, are also trading in the red as market momentum continues to fade.
Last week, BTC was rejected at the 78.6% Fibonacci retracement level near $115,000 after hopes that a Fed rate cut would spark a rally failed to materialize. Since that rejection, Bitcoin has lost more than 7% and could move lower if the bearish trend persists.
This recent downside coincides with Federal Reserve Chair Jerome Powell’s comments last week, which tempered expectations for a December rate cut. Powell noted that interest rates continue to affect prices, suggesting the Fed may keep rates unchanged for a while.
BTC could fall below $107k as bearish momentum builds
The BTC/USD 4-hour chart remains bearish and decisive, with Bitcoin down roughly 3% over the past day. Technical indicators are signaling further downside, and additional selling pressure is likely.
The RSI sits at 45, below the neutral 50 level, indicating sellers have the upper hand. MACD lines are also below the neutral zone, reinforcing the bearish bias.
If selling continues, Bitcoin could drop toward the $106,000 area in the coming hours. A sustained bearish move could push BTC down to a major support level around $103,571.
Conversely, if buyers reclaim control, Bitcoin could retake the first significant resistance near $111,370. Last week’s high of $116,447 remains out of reach for now amid the current selling pressure.