$BTC
BTC/USDT, Analysis indicates $BTC a bearish trend:
1. Price Action:
• BTC has dropped to $98,871.15, down by 5.39% in the last 24 hours.
• The 24-hour low of $97,777.77 is nearing recent support levels.
2. Moving Averages:
• The price is below all key moving averages (MA7, MA25, and MA99), which is a clear sign of bearish momentum.
• The shorter MAs (e.g., MA7 at $99,045.47) are sloping downward, showing consistent selling pressure.
3. Volume:
• Trading volume shows spikes during downward price movements, signaling strong bearish conviction.
4. Resistance Levels:
• The 24-hour high of $105,260.36 indicates a key resistance level, far above the current price.
• BTC has struggled to reclaim the $100,000 psychological mark.
5. Indicators:
• The sharp decline in recent candles suggests that buyers are losing strength.
• No immediate signs of reversal patterns, such as a double bottom or bullish divergence.
6. Market Sentiment:
• A multi-day decline (-5.86% over 7 days) aligns with broader bearish momentum.
• The continuous failure to break above moving averages further supports bearish sentiment.
Conclusion:
BTC is currently in a bearish trend with strong downward pressure. If it breaks below the $97,777 support, the price may test lower levels. Caution is advised for traders, and short positions could be favorable until a reversal pattern emerges.
