Bitcoin is currently at a critical price level, needing to maintain above $110,000 to prevent deeper losses. The price saw a modest increase of 0.9% to around $111,000, with analysts emphasizing that sustaining this level is vital for continuing the bullish trend. The Taker-Buy-Sell-Ratio has dropped to levels similar to those seen in November 2021, indicating that bearish sentiments might be overtaking the market. Market analysts suggest that without a four-hour close above $112,000, Bitcoin could decline to the $105,000 mark. However, some bullish indicators persist, including a positive Coinbase Premium. Declining network activity adds to the bearish sentiment, highlighting weakening speculative interest. This mixed outlook reflects both caution among traders and the potential for adverse price movements if support levels are breached.

Source 🔗