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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 major hurdle. After an impressive one collection Earlier this month, BTC’s momentum waned, with sellers taking control and keeping the cryptocurrency within a tight range below this critical threshold.
The current price action highlights the increasing uncertainty in the market as bulls try to regain their strength while bears take every opportunity to drive prices down. With $99,575 marked as a crucial point, the next steps could pave the way for Bitcoin’s short-term gains. trend. Will the bulls be able to make a breakthrough, or will they be bearish? dominance triumph? The next few days will bring the answer.
Bitcoin is struggling below the critical resistance level at $99,575
Bitcoin is currently facing significant resistance at the $99,575 level as the price fights to move above this critical threshold. Despite attempts to recover, bearish pressure has kept BTC below this key resistance point, limiting upward movement.
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While Bitcoin is hovering near this level, market Sentiment remains cautious as there are possibilities for a breakout or a deeper trend withdraw. Furthermore, the $99,575 level remains crucial as a successful break could signal further bullish momentum, while failure to breach it could result in increased selling pressure.
The price of BTC has also fallen below the 100-day Simple Moving Average (SMA). main technical indicator that often acts as a significant level of support. This move below the 100-day SMA indicates a weakening of upside and could be a signal that bears are gaining control.
Historically, a price falling below the SMA can indicate potential shift in market sentiment, with further downside risk if price fails to regain this key indicator. If BTC cannot regain momentum and climb above the 100-day SMA, it may face increased selling pressure, which could lead 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 trend line of the indicator and the line of the SMA have fallen below the zero line, a sign of bearish momentum.
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When both components fall below this threshold, it generally indicates that the downtrend is gaining strength, indicating an increase to sell Busy. This bearish signal, combined with the price action below the 100-day SMA, suggests that Bitcoin could struggle to regain upside momentum in the near term.
In conclusion, if bearish pressure on BTC continues, several key support levels will be critical to monitor. The first significant level is $93,257, where the price could find initial support. If BTC fails to stay above this point, here’s what to do next support zone will be around $85,211, which was previously an area of strong demand. A sustained decline below these levels could indicate a prolonged price decline towards other support ranges.
Featured image from Unsplash, chart from Tradingview.com
