Bitcoin ’s recent attempts to maintain upward momentum have faltered, as the price dips below the $100,000 level. After reaching a peak of $102,500, the cryptocurrency is now experiencing a correction and faces challenges in sustaining its value above the critical support level of $96,000.
The decline began following a modest upward trend that saw Bitcoin move past the $98,500 resistance. It reached highs of approximately $102,759, but ultimately fell short of breaking through the important resistance at $102,500. As the price dropped below $100,000, it also breached a previously established bullish trend line that had provided support around $98,500.
Currently, Bitcoin is trading beneath both the $98,500 level and the 100-hour Simple Moving Average. The latest low was recorded at $96,100, and the coin is now consolidating below the 23.6% Fibonacci retracement level from the recent peak to this low. Immediate resistance is at $97,500, with the crucial level for a potential rally lying at $98,500. If Bitcoin manages to exceed this resistance, it may test the $99,500 range and potentially reach back to $102,500 in subsequent movements.
In contrast, if Bitcoin fails to break through the $97,500 barrier, it could trigger further declines. Key supports exist at $96,500 and $96,100, while additional support could be found around $95,550. Should the downturn continue, Bitcoin may head towards the $93,500 level. This market behavior is reflected in technical indicators, which show bearish momentum, indicating a cautious outlook for investors in the short term.
