Bitcoin Slides Back to $100K – Is the Parabolic Run Finally Cracking?

Bitcoin's price is currently facing significant bearish pressure, trading below the critical $103,500 resistance level. After a substantial decline, market analysts are closely watching whether the premier cryptocurrency can regain momentum or if its recent parabolic run is indeed cracking under the weight of selling pressure.

Bitcoin's Recent Downturn

The digital asset experienced a sharp dip after failing to maintain its position above the $105,500 support. This led to a cascade, pushing BTC below the $104,000 and $103,500 marks, establishing a fresh bearish zone. A notable low was recorded at $98,900, with the price now consolidating losses near the 23.6% Fibonacci retracement level of its recent downward move from $111,000 to $98,900. Currently, Bitcoin is trading under both the $104,000 threshold and the 100 hourly Simple Moving Average, indicating a firm bearish stance in the short term.

Navigating Future Volatility

For any recovery attempt, Bitcoin would first need to overcome immediate resistance around $102,000, followed by the significant $103,500 mark, which coincides with a bearish trend line on the hourly chart. Should bulls manage to push above these levels, further resistance could be met at $105,000 and the 50% Fib retracement level. Conversely, if Bitcoin fails to rise above $103,500, further declines are anticipated. Key support levels to watch are $100,200, followed by the psychological $100,000 barrier, and subsequently $98,800. A break below these could potentially lead to a test of $96,200 and ultimately the major support at $95,500. Technical indicators, such as the Hourly MACD gaining pace in the bearish zone and the Hourly RSI positioned below 50, further reinforce the prevailing negative sentiment.