Bitcoin hit the $107K level on Monday morning, triggering an intensified sell-off and quickly pulling back below $102K.
On Monday, the cryptocurrency market declined more than 4% compared to the previous week. The bears successfully neutralised several attempts to cross the $3.36 trillion mark, which weakened the participants’ sentiment and led to the return of capitalisation to the $3.24 trillion level. The area down to $3 trillion could be an easy target for the bears, as the market may need a tactical pause to consolidate its strength.
The Cryptocurrency Market Sentiment Index stabilised over the weekend at 74, close to extreme greed territory and the highest values since late January. These readings leave room for growth for both the sentiment index and prices.
Bitcoin hit the $107K level on Monday morning, triggering an intensified sell-off and quickly pulling back below $102K. During the European session, BTC stabilised around $103K, close to the average level of the last 10 days ($103.4K). A failed growth attempt could lead to a short-term pullback to $97K.