Bitcoin (BTC) is expected to face a short-term downforce, and its price currently stands at $110,826, falling by 1.78% in the last 24 hours. The trading volume has decreased by 21.02% and is currently standing at $51.68 billion. This shows the loss of short-term momentum, despite the asset being at elevated prices.
Source: CoinMarketCap
Bitcoin recorded a 2.15% gain over the last week despite the daily loss, indicating strength in overall market sentiment. This weekly growth shows the presence of longer-term interest and demand, which helps it stay stable with short-term variations.
Crypto analyst Captain Faibik highlighted that the increasing wedge breakdown is unfolding as intended. The price action is drifting in favor of what he termed as a safe buying zone. He encouraged merchants to become patient and wait until there are clear entry points.
Analysts also emphasized the daily EMA200 as an important indicator. Maintaining a position above this region could support the midterm bull structure. Any weakening thereafter would create more vigorous selling. He observed that the bulls would have to protect this line to maintain the market strength and strive to recover to around $125,000.
Source: X
Also Read: Solana (SOL) Strategies Gets Nasdaq Approval, Prepares for Major Growth
Moreover, another analyst, BitMonty, mentioned the short-term trends. He indicated that Bitcoin is trading in a narrow upward channel. Price has observed support and resistance limits. However, he cautioned that failure to maintain the support level could potentially reverse the trend.
Source: X
As per CoinGlass data, the trading volume increased by 30.05 percent to $102.08 billion. Open interest decreased 1.98 percent to $79.87 billion. The OI weighted rate stands at 0.0065%, which shows that traders in the derivatives market are neutral.
Source: CoinGlass
The difference between the more active spot and the less leverage exposure is evident. An increase in spot trades implies vigorous buying and selling. A diminished risk-taking inclination in futures exchanges is suggested by a smaller open interest. Such deviation raises an alarm among the market participants.
Bitcoin is still able to sustain its weekly growth despite expected short-term losses. However, the investors maintain their interest while maintaining a balance between risk awareness and optimism. Analysts have observed a strong demand even during volatile times.
The short-term interest is whether Bitcoin can remain over $110,000. It is believed that the EMA200 support is important to defend. A rebound can lead the way to $125,000. Inability to maintain support would most probably result in additional correction. Traders stay vigilant since the direction of the cryptocurrency may shape up in the next few sessions.
Also Read: WLFI Resistance Test: Can Bulls Break $0.23, or Will Bears Dominate?
Also read: From Bearish LINK and Cautious HBAR to BlockDAG’s Upcoming Flagship Event: The Shift in Crypto Momentum
