Bitcoin is currently trading at $111,005.84, reflecting a decline of 1.6% as traders engage in profit-taking after last week’s drop of 7.29%. This trend has led to a cautious market atmosphere. Technical indicators suggest that Bitcoin may be experiencing an oversold condition, which could lead to a potential bounce in prices. The Relative Strength Index (RSI) has reached a neutral zone, indicating that the market may be stabilizing after recent fluctuations. As traders assess their positions, the focus remains on the critical support level of $111,000, which is pivotal for Bitcoin’s short-term performance.
