Bitcoin is struggling above $100K, and this weekend did not give retail traders the hope they wanted. ๐ Instead of a rally, we saw a bearish pattern emerging in the market. Several major cryptocurrencies, such as SUI, PEPE, and DOT, also fell by around 6%. ๐
Currently, the global crypto market cap is at $3.6 trillion, down 1.2% in the last 24 hours, and trading volume has also dropped by 23.93%. ๐ฎ Bitcoin now dominates the market with 55.74%, while altcoins seem to be struggling to move forward.
There is a rectangle pattern that has been forming since February, with support at $74K which is a key level for BTC. ๐ If the price falls below this level, we could see a test of the $49K-$50K price, which is a normal correction in a bull market.
However, there is also hope with the bull flag pattern targeting $107K. ๐ Two different bullish patterns suggest higher upside potential, but Bitcoin is currently stuck in a bearish rising wedge pattern.
Momentum also looks mixed, with the daily RSI still bullish but the 4-hour RSI showing signs of exhaustion. ๐ฌ If Bitcoin can close above $103K on strong volume, it could indicate momentum to reach the $107K target.
So, traders are advised to stay alert and look for opportunities to enter as the market stabilizes. ๐ The crypto market is full of surprises, and we are all waiting to see what happens next!