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Bitcoin is under strong bearish pressure as it struggles to reclaim the $99,575 level, a key resistance level that has proven to be a key hurdle. After an impressive rally earlier this month, BTC’s momentum has slowed, with sellers taking control and keeping the cryptocurrency in a narrow range below this important threshold.
Current price trends highlight the growing uncertainty in the market as bulls try to regain momentum while bears take advantage of every opportunity to push prices lower. With $99,575 marked as a key point, the next move could set the stage for a short-term trend in Bitcoin. Will the bulls manage to make a breakthrough, or will the bears gain more ground? We'll know the answer in the coming days.
Bitcoin struggles below key resistance level at $99,575
Bitcoin is currently facing significant resistance at the $99,575 level, and the price is struggling to break through this important threshold. Despite attempts to move higher, bearish pressure has trapped BTC below this key resistance point, limiting any upside.
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As Bitcoin continues to hover around these levels, market sentiment remains cautious due to the possibility of a breakout or deeper pullback. Moreover, the $99,575 level remains extremely important as a breakout above this level could signal further bullish momentum, while failure to break above this level could increase selling pressure.
BTC price also fell below the 100-day simple moving average (SMA), a key technical indicator that often acts as a key support level. This change below the 100-day SMA suggests that the upside power is waning and could indicate that the bears are in control.
The bearish price firmly pushed BTC below the 100-day SMA at $99,575. Source: BTCUSDT on Tradingview.com
Historically, when price falls below the SMA, it can signal a potential change in market sentiment, with further downside risk if price fails to recover this important indicator. Masu. If BTC fails to regain momentum and break above the 100-day SMA, selling pressure may increase and lead to further losses as bearish sentiment remains dominant.
Key technical indicators point to challenges for BTC recovery
A critical analysis of the Composite Trend Oscillator indicator suggests that Bitcoin may be poised for further decline. The indicator's trend line and SMA line are below the zero line, a sign of bearish momentum.
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When both of these factors fall below this threshold, it typically indicates a strengthening downtrend and indicates increasing selling pressure. This bearish signal, combined with price movement below the 100-day SMA, suggests that Bitcoin may struggle to regain upward momentum in the short term.
Bottom line, if the bearish pressure on BTC continues, it will be important to monitor some key support levels. The first important level is $93,257 and the price can find the first support here. If BTC fails to sustain above this point, the next support zone will be around $85,211, which has been an area of strong demand so far. A continued decline below these levels could signal an extension of the price decline to other support ranges.
BTC trading at $95,236 on 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
