Bitcoin price has started another decline after failing to sustain above the $102,500 resistance zone. The cryptocurrency is currently trading below $99,500 and the 100 hourly Simple Moving Average, struggling to maintain its position above the key support level of $96,500.
The recent pullback has seen Bitcoin lose its bullish momentum, with the bears pushing the price below the 50% Fibonacci retracement level of the upward move from $91,000 to $102,500. This suggests that the market sentiment may be shifting, and further losses could be on the horizon.
If Bitcoin fails to rise above the $99,000 resistance zone, it could trigger a fresh decline, with immediate support lying near the $96,500 level. A break below this level could see the price drop to the $95,500 level, which coincides with the 61.8% Fibonacci retracement level.
On the upside, a close above the $100,000 resistance level could signal a potential trend reversal, opening the door for a retest of the $102,500 level and possibly higher. However, given the current market conditions, such a scenario seems less likely in the short term.
As Bitcoin continues to consolidate below key resistance levels, traders and investors should keep a close eye on the support zones and be prepared for potential further downside. The technical indicators, such as the MACD and RSI, suggest that the bullish momentum is waning, which could lead to increased selling pressure in the near term.
Tags: Bitcoin price, crypto market, technical analysis, support levels, resistance zones
Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-100k/