Bitcoin’s attempt to sustain momentum above the highly anticipated $100,000 mark has faced stiff resistance, leading to a sharp pullback. The rejection at this psychological level has fueled bearish pressure, pushing BTC into a corrective phase as sellers take control. Now, all attention turns to key support zones that could determine whether Bitcoin stabilizes or extends its decline.
The current downward move reflects weakening momentum as Bitcoin struggles to break above the $100,000 mark and reclaim the 100-day Simple Moving Average (SMA). This suggests that BTC may remain vulnerable to further declines unless buyers step in at critical support levels. A failure to hold above these zones may open the door for more downside, potentially testing lower price levels.
Furthermore, Bitcoin’s Relative Strength Index (RSI) is also gaining bearish traction, declining from neutral territory toward the oversold zone. This shift indicates weakening buying pressure, allowing sellers to dictate price action. If the RSI continues to drop, it could reinforce the downward trend and signal the potential for further declines.
The $93,257 level now serves as a crucial support test for Bitcoin. Holding above this level could signal a possible bounce, while a breakdown may accelerate losses toward lower support zones. Should the price drop below $93,257, bearish momentum could increase, pushing Bitcoin toward the next key support at $85,211.
On the other hand, if Bitcoin manages to hold above the $93,257 support level, it could trigger a rebound toward the $100,000 mark. A breakout above this key resistance would bolster upside movement and pave the way for further gains.
As uncertainty looms, Bitcoin’s next move will be pivotal in shaping its short-term trend. Traders and investors should closely monitor these key support levels and watch for any signs of a potential reversal or continuation of the current bearish pressure.
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Tags: Bitcoin price, $100K resistance, support levels, technical analysis, cryptocurrency market
Source: https://www.newsbtc.com/news/bitcoin/bitcoin-100000-rejection/