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Bitcoin It is under intense downward pressure as it struggles to reclaim the $99,575 mark, a key resistance level that has proven to be a major hurdle. After like pool Earlier in the month, Bitcoin’s momentum slowed, with sellers taking control and keeping the cryptocurrency in a narrow range below that critical limit.
The current price action highlights the growing uncertainty in the market, with the bulls trying to regain ground while the bears are seizing every opportunity to push prices lower. With $99,575 set as the pivot point, the next moves could pave the way for Bitcoin in the short term. direction. Will the bulls be able to make a breakout or will they fall? dominance prevail? The coming days will hold the answer.
Bitcoin is struggling below the critical resistance level of $99,575
Bitcoin is currently facing significant resistance at the $99,575 level as its price struggles to break through this critical limit. Despite attempts to rally, bearish pressure kept Bitcoin trapped below this key resistance point, limiting its upward movement.
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Since Bitcoin is hovering near this level, market Sentiment remains cautious as there are possibilities of a breakout or greater depth withdrawal. Furthermore, the $99,575 level remains pivotal, as a successful breakout could indicate further upside momentum, while failure to surpass it could lead to increased selling pressure.
BTC price also fell below the 100-day simple moving average (SMA), a Main technical indicator Which often acts as an important support level. This shift below the 100-day SMA indicates weakening bullish strength and may indicate that the bearish move is gaining control.
Historically, when the price drops below the simple moving average (SMA), it can indicate potential Convert in market sentiment, with further downside risks if the price fails to recover this important indicator. If BTC is unable to regain momentum and rise above the 100-day SMA, it could face increasing selling pressure, resulting in further losses as bearish sentiment continues to take hold.
Key technical indicators point to challenges for BTC’s recovery
Critical analysis of the Composite Trend Oscillator indicates that Bitcoin may be poised for further declines. The indicator’s trend line and simple moving average (SMA) line have fallen below the zero line, which is a bearish signal batch.
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When both of these components fall below this threshold, this usually indicates that the downtrend is gaining strength, indicating an increase in… sale pressure. This bearish signal, combined with price action below the 100-day simple moving average, suggests that Bitcoin may struggle to regain upward momentum in the near term.
Conclusively, if the downward pressure on Bitcoin continues, it will be necessary to monitor several key support levels. The first important level is $93,257, where the price can find initial support. If BTC fails to hold above this point, it will be the next point Support area It will be around $85,211, which was previously a strong demand area. A sustained decline below these levels may indicate an extended decline in price to other support bands.
Featured image from Unsplash, chart from Tradingview.com