Bitcoin has dropped to $115,240, which is more than 2.5% less than it was 24 hours ago. The total market cap of all cryptocurrencies is now below $4 trillion. Bitcoin is still the most valuable cryptocurrency, with a market cap of $2.29 trillion and 19.9 million of the 21 million coins in circulation.
Bitcoin is at a crossroads, nevertheless, as the latest moves illustrate. Traders are paying close attention to the charts to see where it goes next.
Bitcoin (BTC/USD) Technical Outlook: Signs of a Bear Market Are Appearing
Bitcoin has broken out of its ascending channel and is now trading at $115,480. The fact that it hasn’t been able to get back above the 50 SMA at $117,695 shows that momentum is diminishing. At the same time, a group of spinning top candlesticks near the $116,000 support level shows that the market is unsure and hesitant.
This support area has become a major battleground: if buyers can defend it, Bitcoin may stabilize—but if it keeps failing here, the door opens for further decline.
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