Bitcoin’s Coinbase Premium turned red as BTC dropped below $104,000, with RSI at its lowest since April. The 200-day EMA support is crucial as BTC risks short-term capitulation. The recent decline saw the hourly premium turn negative, signaling bearish pressure with taker sell volume surpassing $4 billion.

BTC attempted to find support around $110,000 but failed, leading to a shift in market sentiment. The short-term confidence faded as the price dropped, triggering a surge in sell orders. The rejection near the $112,370 level could accelerate short-term capitulation towards $100,000, mirroring the March-April bottom structure.

BTC’s current price action resembles the March-April bottom range, with the RSI dropping to its lowest level since April. The 200-day EMA has been a key technical signal to watch, with BTC possibly losing the trendline in the coming days. Market may enter a consolidation phase lasting several weeks, echoing previous fractals.

Crypto trader Dentoshi predicts BTC may bottom around the 3-day 100 EMA, but it could take 45-96 days. The gradual recovery may not materialize until late November or early December, following a similar timeline from previous cycles. Every investment and trading move involves risk, readers should conduct their own research.

Read more at Cointelegraph: BTC RSI Hits April Lows as Coinbase Premium Turns Red