$BTC

Bitcoin (BTC) Struggles After Bybit Breakout, But Indicators Point To A Rebound

Bitcoin (BTC) has been trading below $100,000 since February 5, facing continued resistance despite attempts to recover. Recent indicators suggest that sellers have taken control, with Bitcoin’s Directional Movement Index (DMI) showing increased downside pressure.

However, the Ichimoku Cloud is pointing to a potential reversal if Bitcoin manages to break key resistance areas. If bullish momentum returns, BTC could test resistance at $97,756 and potentially reclaim the $100,000 level, with $102,668 as the next target.

BTC DMI shows sellers have taken control in the past 24 hours

Bitcoin’s Directional Movement Index (DMI) shows that the Average Directional Index (ADX) is currently at 21.2, having briefly touched 22.9, up from 15.5 two days ago.

The ADX measures the strength of a trend without indicating its direction, and ranges from 0 to 100. Typically, values ​​above 25 indicate a strong trend, while values ​​below 20 indicate a weak or ranging market.

With the ADX hovering around 21.2, Bitcoin’s trend is relatively weak, indicating a potential transition period.

This suggests that the previous bullish momentum is losing steam, which could lead to a reversal or the start of a downtrend.