$BTC Bitcoin ($BTC) Faces Resistance: Bears Take Control Below $98K

Bitcoin recently encountered strong resistance near $97,895, leading to a downward drift and forming a pattern of lower highs and lower lows on the 2-hour chart. The current price hovers around $95,560, down 2.4% from its recent peak.

Key Observations:

- *Resistance Level:* $97,895 (strong resistance)

- *Current Price:* $95,560

- *24H Low:* $95,423

- *Support Levels:* $94,270 and $93,000 (critical support zones)

Technical Analysis:

*Double-Top Pattern*: Forming a local double-top pattern near $98,000, signaling weakening bullish momentum

- *Volume:* Steady, but sell-side pressure is increasing as traders lock in profits

Future Outlook:

- *Bearish Scenario:* Breakdown below $94,270 and $93,000 could lead to a steeper correction

- *Bullish Scenario:* Defense of $95K area could trigger a short-term bounce toward $96,500-$96,800

Trading Strategy

- *Caution Advised:* Until $BTC breaks above $98K with strong volume, the trend remains bearish

- *Trade on Spot:* $BTC {spot} (BTCUSDT)

*Conclusion:*

Bitcoin's current trend is bearish, and traders should exercise caution. Keep an eye on key support levels and wait for a clear breakout or reversal signal before making trading decisions.