Bitcoin’s (BTC) price declined early Friday, indicating a bearish outcome for the recent range play as U.S. equity markets showed signs of uptrend exhaustion at key price resistance.
The leading cryptocurrency by market value fell over 2.5% to $115,170, reaching its lowest point since July 10, according to RialCenter. This decline marked a break below the recent consolidation between $116,000 and $120,000.
This range breakdown follows bearish signals from key technical indicators and raises the likelihood of prices revisiting the previous resistance-turned-support at $11,956, the high recorded in May.
The broader cryptocurrency market also struggled, with ether (ETH), Solana (SOL), and XRP (XRP) dropping between 2% and 3%. The broader market gauge stood at 898 points at press time, reflecting a 2.6% decline over 24 hours.
Overnight, Wall Street’s Dow Jones index declined by 0.70%, indicating that sellers were attempting to re-establish their dominance at 45,000, the horizontal resistance identified by highs reached in December and January. A potential bearish reversal from this level could negatively impact sentiment in the crypto market.
Read more: Volmex’s Bitcoin and Ether Volatility Futures Top $10M in Volume in First Month as Traders Look Beyond Price
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