Bitcoin drops from symmetrical triangle, closing below $103K, signaling weakening momentum and testing $100.8K as the next major support level.
Analysts highlight possible decline toward $97.6K and $92.8K as bearish structure strengthens, aligning with broader corrective wave patterns.
Recovery outlook hinges on reclaiming the ascending trendline and retesting the $110,000 resistance zone to restore short-term bullish sentiment.
Bitcoin price action has weakened after breaking below the ascending support of a symmetrical triangle on the daily chart. The drop marks a second exit from a pennant formation, suggesting increasing bearish pressure.
Price Action Indicates Weakening Momentum
The recent daily close under the $103,000 level is viewed as a critical signal of waning bullish momentum. According to Colin Talks Crypto, Bitcoin now targets a re-test of the $100.8K level as the next support zone. If this level fails, further downside toward $97.6K and $92.8K could follow. The structure is developing within the right shoulder of a larger inverse Head and Shoulders pattern, which remains intact.
https://twitter.com/ColinTCrypto/status/1936134610775159267
Volume has remained moderate, indicating a lack of strong buying support. Lower highs on the chart are also reinforcing the bearish tone. The symmetrical triangle breakdown could trigger further declines if the $100.8K zone fails to provide a solid base.
Analysts Forecast Key Retests and Possible Short-Term Bottom
Colin’s outlook aligns with technical readings, noting that a return to $97.6K and $92.8K may form a more symmetrical right shoulder compared to the left in the broader pattern. This corrective move could be part of a bullish continuation structure, but only if support levels are defended successfully.
XForceGlobal added that one more breakdown of the previous low could confirm a visit to the $90K region. While the analyst labels the current formation as an ABC or WXY corrective wave, they stress the bullish nature of the broader wave cycle, indicating Bitcoin may still be within a strong Wave 2 phase.
At the same time, MMCrypto has highlighted the seriousness of the break, calling it a "very alarming daily break." Their caution is based on the pattern's technical failure; unless bulls reclaim the broken trendline, a short-term downtrend is likely and may be issued.
https://twitter.com/MMCrypto/status/1936115310182253051
Recovery Requires Reclaiming Upper Resistance Zones
The primary level for Bitcoin to reclaim in the short term remains the broken ascending trendline. If bulls can push the price back above this key area, attention will shift toward the $110,000 upper resistance of the symmetrical triangle.
Until such a move occurs, the structure leans toward short-term bearish continuation. Traders and analysts are closely monitoring how Bitcoin reacts to the $100.8K support level. A bounce from this area could mark a local bottom, but a break below it would open the path toward the mid-$90K range.
For now, the technical setup reflects consolidation within a corrective structure, while the broader bullish context remains intact if these supports hold.
The post Bitcoin Drops Below $103K as $100.8K Support Faces Critical Retest in Ongoing Pullback appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
