Bitcoin (BTC) continued its downward trajectory late Friday, falling to around $117,800 on Coinbase after briefly trading above $119,000 earlier in the session.
The move marks a 1.8% decline over the past 24 hours and a 3.5% drop for the week, extending losses as traders brace for more volatility across the crypto market.
At the time of writing, Bitcoin’s market capitalization stands at roughly $2.35 trillion, with daily trading volume surpassing $73 billion. Despite occasional buying attempts, sentiment remains heavily bearish according to technical data.
Indicators Point to Sustained Weakness
A four-hour technical analysis of BTC/USD from TradingView shows a clear bearish setup. The summary gauge registers a “Sell” signal, supported by 13 bearish indicators versus only four bullish ones. Moving Averages are showing a “Strong Sell,” with 11 indicators flashing red and just three suggesting buying pressure. Oscillators, meanwhile, remain largely neutral but lean toward the downside.
The Relative Strength Index (RSI) has dropped to 32.47 – just above the oversold threshold – indicating growing selling momentum. The price action also broke below short-term support near $119,000, which previously acted as a rebound zone earlier this week.
Bears Regain Control
Market watchers suggest the decline could deepen if Bitcoin fails to hold the $117,000 support area. The current RSI reading implies that sellers still dominate, while the slope of the 14-day moving average continues to trend downward. Analysts highlight that the bearish crossover in the RSI and moving average lines further strengthens the negative outlook for the near term.
In the past 24 hours $172.87M were liquidated in Bitcoin Positions, according to data from CoinGlass ($133.31M in long positions and $39.56M in shorts.) Total liquidations in the past day hit $822.83M – $668.36M of which were long positions.
Broader Market Pressure Adds to BTC Weakness
The pullback comes amid broader market uncertainty, with risk assets under pressure and traders reducing exposure ahead of next week’s key U.S. economic data. Many investors have turned cautious after recent macroeconomic developments dampened optimism around potential rate cuts and ETF inflows.
If selling continues, Bitcoin could test lower support near $115,000, while a short-term rebound would face resistance around the $120,000 mark. For now, technical indicators suggest that momentum remains firmly in favor of the bears.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.