Bitcoin remained trapped in a consolidation despite several attempts to move out. It has posted a slight loss today due to a rejection. Failure to retake $100k could result to an extension of the bearish momentum.
Bitcoin’s price went a bit offensive last week after recovering from the $91k level in the preceding week. The movement came with multiple rejections due to weakness and it consolidated throughout that week.
The price dropped and closed yesterday bearishly after failing to reclaim the $100k mark last week. This mark level has not just become an obstacle for the bulls in the past weeks but a crucial resistance level.
Currently, the price is weak on the day following a 1% drop in the last 24 hours. A continuous decrease could cause a serious breakdown while trading calmly on the day. Currently, supply looks low at the moment.
However, if the bulls return with a strong commitment this week, we may see a strong close above the crucial mark level. A further increase there should signal a new bullish phase in the near term.
Looking at the daily chart, the market looks dicey as the next major price move is yet to be ascertained. Technically, Bitcoin is still under the bears’ radar on the short-term. The market should move in their favour if they mount pressure.
BTC’s Key Levels To Watch
Source: Tradingview
The $94k level is considered support to watch for Bitcoin’s next dip, followed by the $91,000 level. If they fail to contain selling pressure, we may see a breakdown straight to the $85k support.
Towards the upside, there’s a resistance at $99,550. Flipping through the crucial $100k mark could rally us to $103,278 and potentially $109,558 – where a major breakout lies.
Key Resistance Levels: $99,550, $103,278, $109,558
Key Support Levels: $94,000, $91,000, $85,000
- Spot Price: $96,243
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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