Bitcoin’s price is on the verge of breaking below another key level, after failing to regain momentum following its all-time high a couple of weeks ago. Investors are now worried that its price action might soon put an end to the entire crypto bull market.
BTC Price: Technicals
By Shayan
The Daily Chart
On the daily chart, the asset has been dropping gradually since hitting the $124K all-time high, with August potentially closing bearish. This is a worrying sign for investors, as the price is now breaking below the key $110K level, which could drag the price toward the $104K region and potentially even below $100K.
The RSI is also stabilizing below 50, indicating the dominance of bearish momentum. As a result, further downside looks more probable at the moment, unless market dynamics change drastically.
The 4-Hour Chart
Dropping down to the 4-hour chart, things get a bit more interesting. The asset has been declining inside a steep descending channel over the past couple of weeks, b
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