Market Wrap: Bears in Control of Today's Session, Bitcoin (BTC) Price Drops 4.79%

Bears are in control of today's session, as seen from the movement of the global market cap. The total cap stood at $3.54T as of press time

Bears are leading the global crypto market on Friday, with the total market cap decreasing by 5.15% to stand at $3.54T as of press time. The trading volume also dropped by 28.77% over the same period to reach $395.05B as of press time.

Bitcoin Price Analysis

Bitcoin, $BTC, posts a notable decrease in today’s session, as seen from its price movements. Looking at an in-depth analysis, the price is currently trading near the middle Bollinger Band, suggesting indecision in the market.

The recent breakout above the upper band has retraced slightly, indicating a potential pause in bullish momentum. Volatility remains high, as shown by the recent green volume bar.

Bitcoin is trading at $102,983 as of press time, showing a 4.79% decrease over the last 24 hours, and 2.33% decrease over the last hour, while also showing a 3.3% decrease over the past 7 days.

Bitcoin is trading below the Ichimoku cloud, indicating bearish pressure. Fib levels show support at $99,633 (23.6% Fib) and resistance at $104,343 (38.2% Fib).

Relative Strength Index (RSI) is at 44.56, indicating the asset is sold less over the last 14 days.

Aroon indicator shows bullishness, as the Aroon Up is above the Aroon Down and both lines are trending higher.

Stochastic oscillator is also showing bullish momentum, as the %K line is above the %D line and both lines are moving up.

Bollinger Bands are expanding, indicating an increase in volatility.

Trading View shows a summary of technical analysis indicators for BTC/USD, with 11 indicators giving bullish signals, 6 bearish signals, and 10 neutral signals.

Cryptocurrency heatmap by Trading View shows Bitcoin is performing worse than the total cryptocurrency market and worse than a majority of the top 100 cryptocurrencies.

Bitcoin Price Analysis: Key Levels to Watch Out For

The lower Bollinger Band is currently acting as support for Bitcoin (BTC) at $96,833, while the upper Bollinger Band is providing resistance at $113,382.

Bitcoin (BTC) is currently trading above the Ichimoku cloud, indicating bullish pressure. Fib levels show support at $99,633 (23.6% Fib) and resistance at $104,343 (38.2% Fib).

Relative Strength Index (RSI) is at 44.56, indicating the asset is sold less over the last 14 days.

Aroon indicator shows bullishness, as the Aroon Up is above the Aron Down and both lines are trending higher.

Stochastic oscillator is also showing bullish momentum, as the %K line is above the %D line and both lines are moving up.

Bollinger Bands are expanding, indicating an increase in volatility.

Trading View shows a summary of technical analysis indicators for BTC/USD, with 11 indicators giving bullish signals, 6 bearish signals, and 10 neutral signals.

Cryptocurrency heatmap by Trading View shows Bitcoin is performing worse than the total cryptocurrency market and worse than a majority of the top 100 cryptocurrencies.

Ethereum Price Analysis

Ethereum, $ETH, is also among the losers today as also seen from its price movements. Looking at an in-depth analysis, the Alligator indicator shows mixed signals, with moving averages converging, suggesting a phase of consolidation.

On the other hand, we see that the AO histogram is currently in the red, hinting at waning bullish momentum.

Ethereum is trading at $3,292 as of press time, showing a 2.33% decrease over the last 24 hours, and a 0.1% decrease over the last hour, while also showing a 1.9% decrease over the past 7 days.

Ethereum is trading above the Ichimoku cloud, indicating bullish pressure. Fib levels show support at $3,168 (23.6% Fib) and resistance at $3,348 (38.2% Fib).

Relative Strength Index (RSI) is at 44.56, indicating the asset is sold less over the last 14 days.

Aroon indicator shows mixed signals, as the Aroon Up and Aroon Down are converging and trending down, indicating a potential shift in momentum.

Stochastic oscillator is also showing mixed signals, as the %K line is above the %D line but both lines are moving down, indicating a potential loss in momentum.

Bollinger Bands are contracting, indicating a decrease in volatility.

Trading View shows a summary of