Will Bitcoin Test the $115K Barrier or Hit the Next Big Wall on the Way Down?

• Bitcoin is currently hovering around the $109K mark.
• The market has witnessed $276.11M in BTC liquidations.

With the crypto assets in bearish condition, their price movements are losing momentum. Following suit, the largest asset, Bitcoin (BTC), has dropped below the $110K mark. The asset has undergone multiple recovery attempts. BTC’s price hit its ATH 12 days ago, but at press time, it is facing rejections. 

BTC has failed to hold the bullish streak and formed a series of lows and highs in the last few days. The asset has visited its daily high at the $112,946 range in the early hours. Later, with the sturdy bears in command, BTC slipped to its recent low at around $108,762. Bitcoin has registered a loss of over 1.60%. 

BTC is currently trading at the $109,819 level, with the daily trading volume dropping by 6.35%, reaching $78.26 billion. As per Coinglass data, the market has experienced a 24-hour liquidation of $276.11 million worth of Bitcoin. Consequently, the asset is in the neutral zone as the Fear and Greed Index value holds at 48.

A chart shows a sharp rise in Bitcoin inflows to exchanges, with around 20,000 BTC moved in two weeks. It often signals selling pressure, as holders transfer it to sell, and this coincides with price weakness. If inflows continue to rise, it may suggest further downside risk unless demand absorbs the supply. 

Will Bitcoin’s Price Find a New Resistance or Support?

The Moving Average Convergence Divergence line and the signal line have crossed below the zero line, hinting at an overall bearish momentum. Although the MACD crosses above the signal line, it is considered corrective until both lines rise above zero. Besides, the Chaikin Money Flow (CMF) indicator of Bitcoin settled at -0.11 points to mild selling pressure in the market. Notably, the money is flowing out of the asset, but not heavily. 

Bitcoin price reports a turn to the downside, which likely lit up the red candlesticks. The asset could slide and find its support at $109,809, and further bearish correction triggers more losses, sending the price toward $109,799. Assuming the largest asset’s price enters the green zone, it might renew the demand. The Bitcoin price could test the $109,829 resistance. An extended upside correction could push the price up above $109,839. 

Furthermore, the daily Relative Strength Index (RSI) positioned at 32.77 implies that the asset is approaching the oversold territory below 30. It is a sign of weakness in the downtrend. Notably, Bitcoin’s Bull Bear Power (BBP) reading of -3,062.08 signals the dominance of the bears. The price is trading far below the strength levels, and the deeper the value, the stronger the dominance of bears over bulls.