Bitcoin has dropped below the key 120,000 dollar level amid a fresh sell-off.
\nThe market is showing signs of low volume and a lack of upward momentum.
\nKey on-chain data shows a lack of bid support below the 120,000 dollar mark.<\/p>\n
The triumphant return of the bulls has proven to be a fleeting and fragile affair.<\/p>\n
Just as the market was beginning to celebrate a new era of price discovery, a wave of determined selling has sent Bitcoin tumbling back below the critical 120,000 dollar level, a brutal rejection that has the bears once again in control and raises the grim prospect of a much deeper correction.<\/p>\n
The sell-off, which has seen the leading cryptocurrency fall nearly 3 percent on the day, is a story of fading momentum and evaporating support.<\/p>\n
The recent all-time highs now feel like a distant memory as the market slices through the bid liquidity that had once held it aloft.<\/p>\n
The mood among seasoned traders has shifted from cautious optimism to a grim acceptance of a new, more bearish reality.<\/p>\n
The market is now at a critical inflection point, with the very support that was so hard-won now under a sustained and powerful assault.<\/p>\n
\u201cMarket does still quote bid liquidity around 121K-120K but what we need to see next is absorption of sellers to rule out a sweep lower,\u201d the popular trader Skew wrote in his latest market commentary on X.<\/p>\n
His short-term outlook was stark, adding that the market was \u201cquite likely to be dominated by new shorts opening.\u201d<\/p>\n
This view is being reinforced by the data.<\/p>\n
The trading resource Material Indicators highlighted that the market is now facing its \u201c3rd consecutive Daily support test at the trend line,\u201d a technical setup that suggests the bears are growing bolder with each attempt.<\/p>\n
Data from CoinGlass paints an even more worrying picture, showing a distinct lack of bid support much below the 120,000 dollar mark, while a wall of sell orders has multiplied overhead.<\/p>\n
This short-term weakness is taking place against a backdrop of a more troubling long-term picture.<\/p>\n
The veteran trader Roman warned his followers on X that the situation for Bitcoin remains tenuous, despite its recent record highs.<\/p>\n
\u201cA friendly reminder that we are once again printing more bearish divergences, low volume, & lack of momentum on HTF. Both 1W & 1M,\u201d he wrote, pointing to a series of classic warning signs that the rally is running out of steam.<\/p>\n
His conclusion is a chilling one for the bulls: the local range lows at 108,000 dollars, a level that has been a key battleground in the past, could soon come back into play.<\/p>\n
The king of crypto may have briefly touched the heavens, but the bears are now doing their best to drag it back down to earth.<\/p>\n
The post Bitcoin drops as bearish data sparks a 10% price dip warning<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin has dropped below the key 120,000 dollar level amid a fresh sell-off. The market is showing signs of low volume and a lack of upward momentum. Key on-chain data shows a lack of bid support below the 120,000 dollar mark. The triumphant return of the bulls has proven to be a fleeting and fragile […]<\/p>\n","protected":false},"author":0,"featured_media":4995,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-4994","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/4994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=4994"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/4994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/4995"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=4994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=4994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=4994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}