BTC Price Prediction
Bitcoin fell below the 50-day simple moving average (104,788 USD) last Friday and broke below the 100,000 USD support level on Sunday.
The moving average is about to form a bearish crossover, and the relative strength index (RSI) is in negative territory, indicating that bears are in control. If the price remains below 100,000 USD, selling pressure may intensify, pushing the BTC/USDT pair down to 93,000 USD.
Buyers must push the price above the 20-day exponential moving average (104,616 USD) to prevent a decline in the short term. After that, the pair may rise to the downward trend line, which could pose a significant challenge to the bulls.
BTC closed below 100,700 USD, completing a bearish descending triangle formation. The target price for the bearish pattern is 89,420 USD, but bulls are unlikely to give up easily.
Buyers will attempt to initiate a rebound but may encounter selling pressure near 100,700 USD and the 20-day moving average. If the price pulls back from the resistance level above, the pair may further retrace.
Bulls must push and maintain the price above the 50-SMA to initiate a meaningful recovery.
