Bitcoin (BTC) Faces Its Crucial Test: Can It Survive the Bearish Storm Below $100K?

• Bitcoin is currently hovering at around $108.3K.
• The market has seen $487.78M in BTC liquidations.

The digital assets are in the bearish zone, with the broader crypto market cap is down by over 4.09%, reaching $3.65 trillion. All major assets have been charted in red, including the largest asset, Bitcoin (BTC). The asset is attempting to escape the bear trap, and it has stepped into the fear zone as the Fear and Greed Index value holds steady at 34.

As of October 30, BTC is one of the trending coins, which posted a loss of over 4.56% in the last 24 hours. The asset opened the day trading at a high range at around $113,642.72. As the bears gave a reentry to the market, it pushed the BTC price to a bottom level of $108,057.61. At the time of writing, Bitcoin is trading at around the $108,332 mark.

In addition, the daily trading volume has surged by over 23.81%, reaching the $76.78 billion range. Furthermore, during the last 24 hours, the market has experienced a liquidation event of $487.78 million worth of Bitcoin, as reported by the Coinglass data.

Can Bitcoin Hold the Line or Is More Pain Ahead?

The BTC/USDT pair’s both the Moving Average Convergence Divergence and signal lines are below the zero line, which indicates a bearish market condition. The overall sentiment may remain bearish until the MACD crosses above the zero line. Besides, the Chaikin Money Flow (CMF) of Bitcoin is found at -0.11, suggesting mild selling pressure in the market. Also, the money is flowing out of the asset slightly more than it’s flowing in, though not strongly bearish.

BTC chart (Source: TradingView)

With the Bitcoin price in red, it could fall and find its support at the $108,322 range. An extended downside correction might apply additional pressure, inviting the emergence of a death cross. The bears may drive the price to $108,312. Assuming the momentum reversed, the bulls might push the BTC price to climb and test the resistance at $108,342. A further correction on the upside could trigger the formation of the golden cross, leading it toward the $108,352 zone or higher.

Moreover, the daily Relative Strength Index (RSI) of BTC is positioned at 30.44 signals that it may reach the oversold territory. The price also nears a potential rebound zone. If RSI drops below 30, it is often seen as a bullish reversal signal. Bitcoin’s Bull Bear Power (BBP) reading of -5,329.92 implies strong bearish dominance in the market. When the value is deeply negative, it may push the price well below. This shows intense selling pressure and weak buyer activity.

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