Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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The Bitcoin price today is $108,532, with a 24-hour trading volume of $74.29 billion. BTC is down 1.20% in the past day, leaving its market cap at $2.16 trillion. With a circulating supply of 19.91 million BTC, traders are weighing whether current weakness signals deeper losses or sets the stage for a rebound.
Bitcoin (BTC/USD) Stuck in Descending Channel
Bitcoin price prediction remains bearish as BTC can’t escape the downtrend and is trading within a well-defined descending channel on the 2-hour chart.
At $108,594, the lower boundary of the channel is being tested, and the 50-period simple moving average (SMA) at $110,787 serves as the ceiling until buyers can reclaim this level. Until then, momentum is bearish.
The rejection at $113,500 last week triggered three bearish candles and the early stages of a “3 black crows” pattern, which is a well-established signal of sustained selling. Momentum indicators agree.
- RSI: 38, not oversold yet.
- MACD: Deep in the red and widening, lots of selling.
Bitcoin Key Levels Traders Are Watching
Bitcoin’s next moves hinge on how it behaves around immediate support and resistance zones. A short-term bounce toward $110,000 is possible, but the 50-SMA could cap any rebound. Failure to clear this barrier risks renewed pressure.
Critical levels on the chart include:
- Immediate Resistance: $110,787 (50-SMA) and $111,350.
- Support Levels: $107,335 as the first line of defense, followed by $105,150 and $103,350.
- Bullish Trigger: A bullish engulfing candle above $111,350 could spark a recovery to $115,700.
For now, the TradingView path suggests Bitcoin may remain trapped in a corrective channel, oscillating between $107,000 and $112,000 until a breakout occurs.
Broader Outlook and Trade Setup
Despite the short term weakness, Bitcoin is still above key psychological levels like $100,000 so the bigger trend is still intact. Corrections of this size are often consolidation before bigger moves.
For traders, the playbook is straightforward:
- Bearish Scenario: Sell rallies below the 50-SMA with stops above $112,000, targeting $105,150–$103,350.
- Bullish Scenario: Enter longs above $111,350 with upside targets at $115,700 and $118,000.
Longer term, Bitcoin’s structure still supports the possibility of a push back toward $130,000 once macro conditions improve and capital flows return. While the market is currently tilted toward sellers, dips into strong support zones may offer strategic accumulation opportunities for those betting on Bitcoin’s next bullish cycle.
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