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Bitcoin Market Turns Bearish, but a Rebound Is Still Possible
Today’s daily Bitcoin chart paints a bearish picture, as BTC dropped 3.1% from its daily high of $110,665 to $106,500.
With rising volume on red candles, sellers continue to push the price lower. The bearish engulfing candle from November 2–3 suggests further downside risk and reinforces the current negative sentiment.
On the 4-hour chart, Bitcoin struggled to bounce after breaking out of a sideways consolidation, with low trading volume. A short-term rally toward $110,000–$110,800 may simply precede another leg down unless BTC closes above $108,000 with strong bullish momentum.
The 1-hour chart clearly shows a downward trend, making short positions more attractive.
Indicators:
- RSI — 41 (neutral)
- Stochastic — 33
- CCI — -67
- ADX — 17 (weak trend)
- Awesome Oscillator — -4257
- MACD — -3214 / -1171, both indicating bearish momentum
All key EMAs and SMAs (from 10-day to 200-day) lie above the current price, confirming a dominant downtrend. With the 200-day EMA at $108,409 and SMA at $109,876, Bitcoin is failing to maintain long-term support levels.
Unless buyers step in with stronger volume, the trend points clearly downward — with short-lived rebounds and strong resistance overhead.
See also: "Trader With 100% Win Rate Opens Longs on Three Cryptocurrencies"
