The price of Bitcoin has been questioned again following a fall to $109,194, or a 3.36% decrease, in the last month. The largest cryptocurrency in the world, with a Relative Strength Index (RSI) of 52 at a weekly time frame, is exhibiting some form of indecision as traders consider the chances of continuing its fall.
The market capitalization of the asset is currently 2.17 trillion, and Ethereum and other altcoins are showing better relative momentum.
Analysts Foresee a Sweep of the $107K Low on Bitcoin
Michael van de Poppe, a prominent crypto analyst, shared on X that he would also not be surprised to see Bitcoin test the $107,200 level. He says such a move would be a liquidity sweep, and then the market will turn back upwards.
Van de Poppe also observed that in the event of Bitcoin getting the mark of over $112,000, then the pessimistic view would be invalid. To date, traders are still wary of additional downside pressure.
Ethereum and Altcoins Show Signs of Strength
Bitcoin is unable to hold on to major levels, but Ethereum remains stable with a powerful rebound between $3,831 and $3,981. Despite a decrease of 13% over the last month, the resurgence of ETH has directed some market attention towards the altcoins.
Such a direction is consistent with the claim made by Van de Poppe that recent activity shows more excitement in the altcoin industry than in Bitcoin itself. Traders seem to be swapping to other assets, and BTC is consolidating.
Market Outlooks Depend On Key Levels
The general market is still dynamic. The capability of Bitcoin to either retain or re-enter the $107K to $112K level is most likely to determine the next few weeks. An abrupt downward shift below the support would give way to more corrections, and an upward shift above $112K would rebuild the bullish mood.
The recovery of Ethereum and the comparative resilience of altcoins, in the meantime, suggest the increasing diversification of the market. Outside Bitcoin, investors are keeping an eye on opportunities as volatility and sector rotations continue to act in the short term.
The stakes are high with the need to lock up the global crypto market at 3.9 trillion. Bitcoin faces only two ways ahead: to regain confidence or trigger a domino effect of a more significant correction across the market.
