Bitcoin’s price recovery appears to be losing steam as it faces resistance below the $100,500 zone. The leading cryptocurrency started a fresh decline below the key $100,000 level and is currently trading below the $98,800 mark and the 100-hour Simple Moving Average.
Technical analysis indicates a bearish trend line forming with resistance at $98,000 on the BTC/USD hourly chart. If Bitcoin fails to break through this resistance, it could lead to further losses, with immediate support levels at $96,500 and $95,400. The MACD is gaining pace in the bearish zone, while the RSI is below the 50 level, suggesting bearish momentum.
The current price action indicates that Bitcoin is struggling to maintain its recent gains and could be headed for a deeper correction. A close above the $100,000 resistance level might send the price higher, potentially testing the $102,500 and $103,500 levels. However, if the bearish trend persists, Bitcoin could dip towards the $95,000 support level in the near term.
The market implications of this price action suggest that investors and traders should exercise caution in the short term. The failure to sustain the recovery above $100,000 could lead to increased selling pressure and further downside. It is crucial to monitor key support and resistance levels closely and adapt trading strategies accordingly.
Tags: Bitcoin price, cryptocurrency market, technical analysis, market sentiment, price resistance
Source: https://www.newsbtc.com/news/bitcoin-price-recovery-loses-steam-100k/