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>>Bitcoin's price is being closely watched following recent market volatility, which has triggered a rise in the crypto fear index to 35.

Bitcoin's price is being closely watched following recent market volatility, which has triggered a rise in the crypto fear index to 35.

crypthub

2 days ago

Bitcoin Price Decline and Market Impact

Bitcoin's price fell sharply, breaking below $111,000, triggered by a bearish engulfing candle and exacerbated by global market concerns. The Crypto Fear and Greed Index dropped to 35, its lowest in over a month, mirroring a broader risk-off sentiment affecting the entire crypto market, which saw its total market cap decline. Selling pressure was broad, with altcoins also experiencing significant losses, and the Altcoin Season Index showing a shift back towards Bitcoin dominance.

Technical Analysis and Support Levels

Bitcoin's break below its ascending trendline suggests a weakening bullish structure, with the RSI indicating oversold territory. Key support lies between $108,000 and $110,000, a zone attracting long-term buyers. A Doji or spinning top in this area, alongside a rebound above $117,000, might signal a reversal, while failing to stay above $108,000 could expose further declines.

Potential Recovery and New Project

Despite the recent downturn, technical analysis points towards a healthy reset rather than a new bearish trend, offering a potential buy-the-dip opportunity. A potential setup near $108,000 has a favorable risk-reward ratio, with upside targets near $124,000–$126,000. Meanwhile, Bitcoin Hyper ($HYPER) is a new project combining Bitcoin's security with Solana's speed for faster smart contracts and dApp development, currently in a presale stage.