Downward Drift: Are Bears Steering the Bitcoin (BTC) Market Toward a Drop?

• Bitcoin price is holding near the $115K mark.
• BTC’s trading volume has surged by over 45%.

The recovery from the bear market is failing back-to-back, with the downside pressure strengthening. All major tokens have entered the red zone, unable to reclaim the recent highs. The largest asset, Bitcoin (BTC), attempts to escape the trap, displaying a series of ups and downs, but faces rejection

The BTC price has dropped by over 0.71%, found below $115K. The asset kicked off the day trading at around $115.9K, and the price climbed to a high of $116,747 With the entry of sturdy bears, it plunged to a low range of $114,684. Meanwhile, BTC is in the neutral zone with the Fear and Greed Index value of 53

As things stand, Bitcoin currently trades at around the $115,072 mark, and the daily trading volume of the asset has surged by over 45.97%, reaching $46.2 billion. As reported by the Coinglass data, the market has experienced an event of $44.96 million worth of Bitcoin liquidation in the last 24 hours

Will Bitcoin’s Price Dip Further?

Bitcoin’s Moving Average Convergence Divergence (MACD) line is stationed below the signal line, giving a sign that the bearish momentum is increasing. Also, the price action may weaken further. Moreover, the Chaikin Money Flow (CMF) indicator of BTC found at -0.11 implies that the capital flow is slightly negative and weak. Besides, the selling pressure is a bit stronger than the buying pressure in the market

*BTC chart (Source: TradingView)*Notably, the Bull Bear Power (BBP) reading of -494.07 indicates that the bears are dominant in the BTC market. With the negative value, the price is trading on the downside. Bitcoin’s daily Relative Strength Index (RSI) is found at 50.62, suggesting a neutral sentiment, with neither bulls nor bears in clear control, hinting at a balanced market condition

As per the price chart, the Bitcoin price is in bearish territory, and it could test the nearby $115,062 support. Upon a failure to hold the level, the downside correction strengthens and initiates the death cross to take place and drive the price toward a low of $115,052

If the downtrend shifts and the bulls gain momentum, the price might move up to the key resistance range at around $115,082. The golden cross could only form with the reinforcement of the upside correction, and the Bitcoin price would climb to its recent high at $115,092.

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