📊 Key Technical Highlights
Current Price Action:
$BTC has broken below the critical $100,000 psychological mark and is trading at levels not seen since May. The sharp sell-off was likely triggered by profit-taking and broader "risk-off" sentiment in the market, particularly after hopes for immediate Federal Reserve rate cuts diminished.
Trend: Short-term and medium-term analysis indicates a falling trend channel and increasing pessimism among investors. Most major moving averages (20, 50, 100-day) are signaling a strong downtrend.
Momentum: The Relative Strength Index (RSI) is low (near 30), suggesting strong negative momentum, though some analysts note this could indicate the currency is approaching oversold territory, which might precede a temporary bounce.
🔑 Key Support & Resistance Levels
Traders are watching these price zones closely to determine the next major move:
Level Type Price Zone (Approx.) Interpretation
Immediate Resistance $99,500 - $100,000 A psychological and technical barrier. Reclaiming and holding this zone is crucial for short-term stabilization.
Key Resistance $105,000 - $106,000 A stronger resistance band that aligns with previous support.
Immediate Support $93,600 - $93,700 Aligns with the 0.618 Fibonacci retracement level. This is the first critical hold level.
Deeper Support $85,000 - $89,000 If the immediate support fails, a move toward this zone is highly likely.
Long-Term Support $80,000 A major psychological level that bears are targeting if the current downtrend accelerates.
🧭 What's Next?
Bearish Scenario: If the price fails to reclaim the $100,000 level and breaks below the immediate support of $93,600, the next major targets for sellers are the $85,000-$89,000 zone and potentially the $80,000 psychological level.
Bullish Scenario (Reversal): A decisive move and sustained hold above $100,000 would suggest that the selling pressure is easing and could lead to a re-test of the higher resistance around $105,000.
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