Bitcoin’s price action shows increasing bearish pressure as it fails to breach the crucial $100,000 resistance level. The leading cryptocurrency has entered a corrective phase, with technical indicators suggesting potential further downside.
Current Market Situation
BTC recently attempted to push above $98,500 but faced strong rejection. The price now trades below several key technical levels. These include the 100-hour Simple Moving Average and a broken bullish trendline at $97,500.
Technical Breakdown
The hourly chart reveals concerning signals for bulls. BTC broke below multiple support levels:
- The $97,000 psychological level
- The 100-hour SMA
- A major bullish trendline at $97,500
- The 50% Fibonacci retracement level
Key Price Levels to Watch
Traders should monitor these critical levels:
- Immediate Resistance: $96,800
- Major Resistance: $97,000 – $98,000
- Key Support: $95,500 – $96,000
- Critical Support: $93,500 – $92,200
Market Implications
The current price action suggests a potential shift in market sentiment. The MACD indicator shows increasing bearish momentum. The RSI remains below 50, indicating bearish control of the market.
If Bitcoin fails to reclaim $97,000, we could see a deeper correction. The next major support lies at $95,000. A break below could trigger increased selling pressure.
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Looking Ahead
Bulls need to defend the $95,000 support zone to prevent further decline. A daily close above $98,000 could shift momentum back to bullish. This would open the path toward the psychological $100,000 level.
Tags: Bitcoin, BTC Price Analysis, Crypto Trading, Technical Analysis, Market Analysis
Source: NewsBTC