Bitcoin's attempt to sustain momentum above $100,000 has met with resistance, leading to a sell-off and triggering bearish pressure. The rejection at this psychological level has pushed BTC into a corrective phase as sellers take control. The focus is now on key support levels that could determine whether Bitcoin stabilizes or continues its decline.
The cryptocurrency is experiencing strong bearish pressure, trading below the 100-day Simple Moving Average (SMA) at around $93,257. The inability to break above $100,000 suggests vulnerability to further declines unless buyers step in. The Relative Strength Index (RSI) indicates weakening buying pressure, approaching the oversold zone.
Bitcoin's next move is critical, as the $93,257 level becomes a crucial test. Holding above it might signal a rebound, while a breakdown could lead to further losses, potentially testing lower support levels like $85,211. A reliable support defense could reignite bullish momentum.
Source : www.newsbtc.com ↗