- Bitcoin price faces strong resistance at $115k, with repeated rejections signaling continued bearish pressure.
- Bitcoin volume drops 17.8%, while open interest increases, showing mixed market sentiment.
- Bitcoin price struggles within a descending channel; support at $111k could be tested if resistance holds.
Bitcoin price movement has been limited to a descending parallel channel, with the crypto still struggling to puncture critical resistance levels. Although there have been numerous attempts to bring the price above the $115,400 mark, the selling pressure is still high, implying that a decline might continue.
Bitcoin Price Faces Strong $115K Resistance, Bearish Trend Prevails
The Bitcoin price is still struggling to break its downward trend as it still remains at the departure point, which is $115,400. Bitcoin price has failed to break the critical level on numerous occasions, which indicates that the bearish trend is not yet over.
Source: Captain Faibik/X
Bitcoin price is moving in a downward channel, with the upper resistance at $117,000 and lower support at $111,000. As long as the market price of Bitcoin fails to breach these levels, it will probably remain testing lower levels of support.
According to market analyst Captain Faibik, a rejection at this level indicates that selling pressure is still prevailing, and any bullish movement is likely to encounter obstacles. Should Bitcoin price not surpass the $115,400 resistance mark, the subsequent strong support region is currently at the price point of $111,000 where the trend could be extended further downwards.
Volume and Open Interest Trends Indicate Continued Market Uncertainty
Recent Bitcoin price movements show a drop in market volumes, where the trading volume dropped to 17.8% to $57.53 billion. This would indicate a decline in market activity, potentially as a result of consolidation or investor hesitation.
Open interest has declined marginally by 0.30%, which means trading is still going on at a reduced pace, but not yet eliminated.
Source: CoinGlass
Moreover, the options volume of Bitcoin price is down 13.25% indicating a more conservative attitude by traders. Nonetheless, the increase in open interest on options, at 2.68%, indicates an accumulation of positions, likely in anticipation of future market direction.
Despite the falling volumes, these trends indicate that volatility of Bitcoin prices can be further expected, as traders remain unsure of where the market is going.
