Key takeaways
- BTC has lost about 1% in the past few hours and is trading below $103,500.
- The coin could fall toward the $100,000 support level if bearish sentiment persists.
Bitcoin slips below $104,000 as bears take control
The cryptocurrency market is off to a rough weekend, with Bitcoin and other major coins trading in the red. Bitcoin, the largest cryptocurrency by market capitalization, has dropped roughly 1% over the last 24 hours and slipped below $104,000.
At the time of writing the price of Bitcoin stands near $104,400, and if bearish momentum continues it could slide further. The recent reassertion of bearish control has led to liquidations of about $450 million, largely affecting long positions.
Data from CoinGlass show roughly $387 million of those liquidations were long positions betting on higher prices. James Toledano, COO of Unity Wallet, summarized the market’s uncertainty:
“A mixed outlook on whether BTC will reclaim $110,000 or fall into the $90,000 area is not surprising and highlights the indecision felt by participants and markets. The current stalemate reflects a market caught between long-term bullish sentiment and short-term macroeconomic and geopolitical uncertainty.”
BTC could test $100,000 amid growing bearish mood
Bitcoin is trading above $103,000 but faces downside risk if bearish pressure intensifies. Ongoing conflict in the Middle East continues to weigh on crypto markets, with no clear resolution in sight.
Technical indicators point toward further downside in the near term. The 4-hour Bitcoin MACD remains in negative territory, suggesting sellers still control the higher time-frame narrative. The relative strength index (RSI) near 44 also indicates continued selling pressure from investors.
If bears remain in control, Bitcoin could test the $100,000 support level in the coming hours or days. Failure to hold $100,000 could quickly open the door to a drop toward $90,000.
Conversely, if bulls regain momentum, BTC could target the next liquidity zone around $106,672. Extended bullish strength could push prices up toward transactional liquidity near $109,000.