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Bitcoin is under intense bearish pressure as it struggles to reclaim the $99,575 mark, a key resistance level that has proven to be a significant hurdle. After an impressive rally earlier in the month, BTC’s momentum has slowed, with sellers taking control and keeping the cryptocurrency in a tight range below this critical threshold.
The current price action highlights growing uncertainty in the market, as bulls attempt to regain strength while bears capitalize on every opportunity to push prices lower. With $99,575 marked as a pivotal point, the next moves could set the stage for Bitcoin’s short-term trend. Will the bulls manage a breakthrough, or will bearish dominance prevail? The coming days hold the answer.
Bitcoin Struggles Below The Critical $99,575 Resistance Level
Bitcoin is currently facing significant resistance at the $99,575 level as its price fights to break above this critical threshold. Despite attempts to rally, bearish pressure has kept BTC confined below this key resistance point, limiting its upward movement.
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As Bitcoin hovers near this level, market sentiment remains cautious since there are possibilities of a breakout or a deeper pullback. Furthermore, the $99,575 level remains pivotal, as a successful breach could signal further bullish momentum, while failure to surpass it may result in increased selling pressure.
BTC’s price has also dropped below the 100-day Simple Moving Average (SMA), a key technical indicator that often acts as a significant support level. This shift below the 100-day SMA suggests weakening upside strength and may signal that bears are gaining control.
Historically, when the price falls below the SMA, it can indicate a potential shift in market sentiment, with further downside risk if the price fails to reclaim this important indicator. If BTC cannot regain momentum and climb above the 100-day SMA, it may face increased selling pressure, leading to more losses as bearish sentiment continues to dominate.
Key Technical Indicators Suggest Challenges For BTC’s Recovery
A critical analysis of the Composite Trend Oscillator indicator suggests that Bitcoin could be poised for more declines. The indicator’s trend line and the SMA’s line have dropped below the zero line, a sign of bearish momentum.
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When both these components fall below this threshold, it typically signals that the downtrend is gaining strength, indicating increased selling pressure. This bearish signal, combined with the price action below the 100-day SMA, suggests that Bitcoin may struggle to regain upward momentum in the near term.
Conclusively, If bearish pressure on BTC continues, several key support levels will be crucial to monitor. The first significant level is $93,257, where the price could find initial support. Should BTC fail to hold above this point, the next support zone will be around $85,211, which has previously been a strong demand area. A sustained drop below these levels may suggest an extended price drop to other support ranges.
Featured image from Unsplash, chart from Tradingview.com