Market Analysis Shows Bitcoin’s Bullish Momentum Fading
Bitcoin’s recent struggle at the $85,211 resistance level has triggered alarm bells across the crypto market, with technical indicators suggesting a potential reversal of the asset’s bullish trend. As highlighted in recent analysis of BTC’s weak demand at $85K, the flagship cryptocurrency faces mounting pressure from sellers.
Key Technical Indicators Flash Warning Signs
Multiple technical indicators are painting a concerning picture for Bitcoin bulls:
- The Relative Strength Index (RSI) has retreated below the crucial 50% threshold
- MACD indicators show declining momentum with an impending bearish crossover
- Price action remains stubbornly below the 100-day Simple Moving Average
Critical Support Levels to Watch
If selling pressure intensifies, these key support levels come into focus:
- $73,919 – Primary support zone
- $65,082 – Secondary support level
- $60,152 – Critical demand zone
Market Implications and Future Outlook
While the immediate outlook appears bearish, a decisive move above $85,211 could rapidly shift sentiment. Traders should watch for potential breakout confirmation above $93,257, which could signal renewed bullish momentum.
Source: Bitcoinist