- Bitcoin sees a decline in price over the last 24 hours and past week, reflecting market uncertainty.
- Trading volume surged by 37.98%, reaching $95.1B, indicating strong bullish demand despite price drops.
- A break below the $105K support could lead to further losses, with the next key levels at $104K–$104.2K.
Bitcoin (BTC) is currently trading at $105,768, which shows a 4.53% decrease in the past 24 hours. It has dropped by 12.59% over the last week. Nonetheless, Bitcoin continues to be an influential market player in the cryptocurrency industry.
Source: CoinMarketCap
The trading volume has increased by 37.98%, which currently stands at $95.1 billion. This growth shows vigorous investor activity. The volume increase implies that there is expanding bullish demand even as the price of Bitcoin keeps declining. Investors are not retreating despite the fall in price.
Bitcoin Faces Bearish Pressure at $105K Support
Crypto analyst Degen Sing highlighted that Bitcoin has recently found S1 support at $105K. This price support is crucial to the short-term Bitcoin price structure. Should it break, it might fall to a lower range of $104.0K and $104.2K and leave the lower demand zone.
The current market trend favors sellers because all price bounces are being counteracted below the $110K resistance point. Until Bitcoin is able to bounce back to $109.7K, a downward trend appears to be the most probable.
Source: X
Analysts observed that the momentum is highly bearish. The price of Bitcoin fell to $105.8K, challenging critical support. Any clean break below $104.5K means more losses, and this shows that the trend is leaning towards further weakness. The market is looking for a potential reversal, which could occur if support levels are attained and sellers maintain control.
Also Read: Ripple Unveils 5 Global Priorities to Make Stablecoins Truly Borderless
Furthermore, another analyst, Ted Pillows, mentioned that Bitcoin has broken its support level of $108,000. Bitcoin has an uncertain outlook, with no meaningful support until the $101,000 and $102,000 range. In case the cryptocurrency does not regain the $110,000 level, additional downturns are possible. The market is still skeptical, and traders are expecting a potential improvement.
Source: X
Trading Volume Surges, But Open Interest Declines
According to CoinGlass data, the trading volume of BTC increased by 49.63% to $140.18 billion. Nevertheless, the open interest declined by 1.22%, currently at $71.35 billion. The BTC OI-weighted funding rate stands at 0.0054%. This implies that there is moderate investor interest, yet the market is doubtful.
Source: CoinGlass
The price of BTC is not stable, and the market participants are now paying close attention to critical support and resistance levels. The current decrease in prices and substantial trading activity have preconditioned the market with possible extra movements in the following days. Investors are also looking forward to signs of a rebound or further downward movement.
Also Read: Ethereum Holds Key $3,000 Zone as Bullish Momentum Builds Toward $10K
