Bitcoin Faces Bearish Pressure Below Key Resistance of $99,575
Bitcoin is facing significant bearish pressure as it struggles to reclaim the $99,575 resistance level. After an earlier rally, BTC's momentum has slowed, with sellers dominating and keeping prices below this critical threshold.
Bitcoin Struggles Below The Critical $99,575 Resistance Level
Bitcoin is currently encountering considerable resistance at $99,575. Despite efforts to rally, bearish pressure has maintained BTC below this key point, restricting upward movement.
Market sentiment remains cautious as a breakout or deeper pullback is possible. A successful breach of $99,575 could signal bullish momentum, while failure to surpass this level may lead to increased selling pressure.
BTC’s price has also fallen below the 100-day Simple Moving Average (SMA), a key technical indicator that typically acts as a support level. This decline below the SMA suggests weakening upside strength and indicates that bears may be gaining control.
Historically, falling below the SMA can indicate a shift in market sentiment, increasing downside risk if the price fails to reclaim this important indicator. If BTC cannot regain momentum above the 100-day SMA, it may experience further losses as bearish sentiment persists.
Key Technical Indicators Suggest Challenges For BTC’s Recovery
An analysis of the Composite Trend Oscillator indicates Bitcoin might face additional declines. The trend line and the SMA's line have dropped below the zero line, signaling bearish momentum.
When these components fall below this threshold, it usually indicates that the downtrend is strengthening, leading to increased selling pressure. This bearish signal, along with the price action below the 100-day SMA, suggests that Bitcoin may struggle to regain upward momentum in the near term.
If bearish pressure continues, key support levels will become crucial. The first significant level is $93,257, where initial support may be found. Should BTC fail to hold above this point, the next support zone is around $85,211, which has historically been a strong demand area. A sustained drop below these levels may indicate a more extended price decline to other support ranges.
