đ„¶Bitcoinâs $100K Struggle Risks Major Breakdown! Can Bulls Defend Key $90K Support or Is It Downhill From Here?đ„ș
Bitcoinâs start to 2025 has been rocky, with multiple failed attempts to sustain levels above $100,000. After briefly peaking at $102,000 last Monday, the cryptocurrency reversed sharply, dropping to $92,000 by Thursday. This ongoing rejection at six-figure levels highlights growing bearish risks.
Look, $90,000 is a critical line in the sand. The $90,000 support zone has emerged as a make-or-break level for Bitcoin. Crypto analyst EGRAG CRYPTO emphasizes the significance of this level, noting that BTC has tested the support trendline five times. While the bulls have defended it so far, repeated tests could weaken its strength, increasing the likelihood of a sharp breakdown.
Should Bitcoin breach $90,000, it risks a slide to $87,000, with potential for a rapid drop toward $75,000 as gaps in the price structure are filled. Holding above $90,000 is crucial for bulls to reclaim momentum and aim for a decisive break above $100,000.
Resistance Levels to Watch: $103Kâ$108.5K
To flip bullish, Bitcoin must close above key resistance levels at $103,000, $106,400, and $108,500. Breaking through $108,500 would signal a renewed bullish trend and open the door to new all-time highs. However, technical indicators, including the loss of the 21-day EMA and neutral market sentiment, suggest a pump remains unlikely in the short term.
Potential wildcards are upcoming events which could sharply shift the momentum. For example, the market awaits the January 20th inauguration of Donald Trump, with expectations that crypto-positive policies could influence Bitcoinâs trajectory. Analysts predict the event may either spark a short-term rally or intensify the current downtrend.
For now, Bitcoin trades at $94,400, with bulls battling to defend $90,000 while eyeing resistance above $100K. Will the bulls prevail, or is a deeper correction on the horizon? Stay tuned.
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Photo source: Ergag Crypto
