Bitcoin’s (BTC) price dropped early Friday, marking a bearish resolution to the recent range play as the U.S. equity markets showed signs of an uptrend exhaustion at key price resistance.
The leading cryptocurrency by market value slipped over 2.5% to $115,170, hitting the lowest since July 10, according to CoinDesk. The move marked the downside break of the recent consolidation between $116,000 and $120,000.
The so-called range breakdown follows bearish hints from key technical indicators and has increased the possibility of prices revisiting the former resistance-turned-support at $11,956, the high clocked in May.
The broader cryptocurrency market wilted, with ether (ETH), Solana (SOL), and XRP (XRP) losing 2% to 3%. The CoinDesk 80 index, the broader market gauge, stood at 898 points at press time, representing a 2.6% drop on a 24-hour basis.
Overnight, Wall Street’s Dow Jones index fell 0.70% in a sign that sellers were looking to re-establish their dominance at 45,000, the horizontal resistance identified by highs reached in December and January. A potential bearish reversal from here could sour sentiment in the crypto market.
