"Bitcoin breaks below major support… entering a bearish sideways phase"

YM Lee

Summary

Cointelegraph reported that Bitcoin broke below a major lower support level.
Bitfinex market analysts said Bitcoin fell to $105,250 after failing to break above $109,000.
It was projected that there is a possibility of an expanded downside range in the coming days.

Bitcoin (BTC) has broken below a key lower support level, raising expectations that it may enter a bearish sideways phase for the time being.

According to Cointelegraph on the 2nd (local time), Bitfinex market analysts stated in a report, "After failing to break above $109,000 last Sunday, Bitcoin dropped to $105,250. As it failed to hold the major support, there is a possibility the downside range may expand to the $104,500 level for the time being."

The report said that the current Bitcoin chart is stuck between a downward trend line and a moving average, which may lead to an expanded downside range in the coming days.

BTC