Bitcoin’s recent attempt to breach the psychological $100,000 barrier has met with resistance, as the leading cryptocurrency consolidates around $96,000. The market shows signs of temporary exhaustion after reaching a local high of $99,481.
Market Movement Analysis
BTC’s price action reveals a clear pattern of rejection near the $100,000 mark. After establishing support above $95,500, Bitcoin made several attempts to push higher, successfully breaking through multiple resistance levels including $97,000 and $98,500. However, bearish pressure intensified as the price approached $100,000.
Technical Outlook
The current technical structure shows:
- A bearish trend line resistance at $96,400
- Price trading below the 100-hour Simple Moving Average
- Key support at $95,500 and $95,000
- Critical resistance levels at $96,500 and $97,200
Market Implications
The repeated rejection at $100,000 suggests institutional profit-taking and potential retail exhaustion. However, the formation of higher lows indicates underlying strength in the market. The MACD indicator shows positive momentum, while the RSI remains above 50, suggesting balanced market conditions.
Trading Scenarios
Bulls need to defend the $95,000 support to maintain positive momentum. A breakthrough above $97,750 could trigger a rally toward $100,000. Conversely, a break below $95,000 might lead to a test of deeper support at $93,500.
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The current consolidation phase might present opportunities for both long and short positions, depending on the breakout direction. Traders should watch the $97,200 level for potential trend confirmation.
Tags: Bitcoin, BTC Price Analysis, Cryptocurrency Trading, Technical Analysis, Market Trends
Source: NewsBTC