Bitcoin Faces Renewed Pressure as Recovery Hopes Fade, $100K Support in Sight
Bitcoin (BTC) is once again navigating a challenging period, having failed to sustain a recovery above the crucial $105,000 mark. The cryptocurrency has initiated a fresh downtrend, prompting concerns that further losses could be on the horizon if it breaches key support levels, with the psychological $100,000 threshold now firmly in focus.
Bitcoin's Struggle for Upward Momentum
After an unsuccessful attempt to reclaim the positive zone above the $105,500 pivot level, Bitcoin bears have seized control, pushing the price lower. The digital asset is currently trading below both $104,000 and the 100 hourly Simple Moving Average, indicating a prevailing bearish sentiment. A significant bearish trend line, offering resistance near $103,300, has also formed on the hourly chart for the BTC/USD pair, suggesting persistent selling pressure. Should Bitcoin fail to overcome the $103,500 resistance zone, a continued decline is highly probable.
Critical Support and Resistance Battlegrounds
The immediate support for Bitcoin lies near $101,200, which coincides with the 76.4% Fibonacci retracement level of the recent upward move from $99,220 to $107,400. A break below this level could quickly expose the first major support at $100,500, followed by the significant $100,000 zone. Sustained weakness below these points might accelerate losses toward $98,800, with the main support cushion residing around $96,500. Conversely, for any bullish resurgence, Bitcoin must first clear resistance near $102,500. Subsequent hurdles are at the $103,250 level and the aforementioned bearish trend line. A decisive close above the $103,500 resistance could pave the way for a test of $105,000, and potentially $105,500. Further gains would require breaking through additional barriers at $106,800 and $107,000.
Technical Indicators Point to Bearish Tilt
The hourly MACD for BTC/USD is actively gaining momentum within the bearish zone, reinforcing the downward bias. Similarly, the Hourly Relative Strength Index (RSI) for BTC/USD is positioned below the 50 level, indicating that sellers currently hold the upper hand in the market. Traders will be closely watching these technical signals as Bitcoin navigates this critical juncture, with all eyes on the resilience of the $100,000 support.
