Key takeaways
- Bitcoin fell 3% in the past 24 hours and is trading below $108,000.
- The decline reflects weakening market momentum and growing bearish pressure.
Bitcoin slips below $108,000
The cryptocurrency market opened the weekly candle on a bearish note as Bitcoin and other major tokens posted notable losses over the last 24 hours. Bitcoin has dropped about 3% since Sunday and is currently trading near $107,500 per coin.
Other leading cryptocurrencies, including Ether, XRP, and BNB, are also in the red as market momentum continues to fade.
Last week, BTC was rejected at the 78.6% Fibonacci retracement level around $115,000 after hopes that a Federal Reserve rate cut would spark a rally failed to materialize. Since that rejection, Bitcoin has lost more than 7% and could decline further if bearish conditions persist.
The recent drop followed comments from Fed Chair Jerome Powell, who tempered expectations for a December rate cut during his press conference. Powell noted that ongoing price pressures could lead the Fed to keep interest rates unchanged for a longer period, dampening risk appetite in markets.
BTC could fall toward $107,000 as bearish momentum strengthens
On the BTC/USD four‑hour chart, technicals remain tilted toward sellers after the latest 3% decline. Key indicators signal continued selling pressure in the near term.
The Relative Strength Index sits around 45, below the neutral 50 level, which suggests sellers currently hold the upper hand. The MACD also remains in a bearish configuration, reinforcing downward bias.
If the selloff continues, Bitcoin could test the $106,000 area within the next several hours. A sustained bearish move would put the major support zone near $103,571 in focus.
Conversely, a bullish recovery could push BTC back toward the first major resistance at $111,370. Given the recent heavy selling pressure, last week’s high near $116,447 looks unlikely to be revisited immediately.