Bitcoin Price Declines 6.7% as Market Consolidates Below $112,000

The Bitcoin market is experiencing a corrective phase, with a 6.7% price decline over the past week, currently valued at approximately $108,000. Immediate price recovery is essential to avoid further downside risks.

Bitcoin Faces Danger Of Sliding To $100,000 Support

According to Julio Moreno from CryptoQuant, Bitcoin is trading near a critical level of $112,000. Key points include:

The Trader Realized Price is at $112,200, which historically indicates trader profit or loss status.
A price move above $112,000 could bolster bullish momentum; below it may lead to increased selling pressure.
Failure to reclaim this level could drive Bitcoin towards a lower realized price band around $100,000, suggesting a potential 7.91% drop from current prices.
Upper volatility limit sits near $157,000 while a bearish scenario could see support at approximately $70,700, contingent on major market changes.

Bitcoin Price Overview

Currently, Bitcoin trades at $107,960, marking a 3.45% decline in the last 24 hours. Key metrics include:

Daily trading volume increased by 28.77%, reaching $78.02 billion.
Investor sentiment is low, with the Bitcoin Bull Index dropping to 20 and remaining there for four consecutive days, indicating extreme bearish sentiment.