Bitcoin Drops Below 100-Day Moving Average Amid Bearish Technical Signals
Bitcoin's Technical Outlook Deteriorates
Bitcoin (BTC) has dropped below its 100-day simple moving average (SMA) for the first time since April, with a current price low of $109,172, marking over a 1% decline in the past 24 hours. This breakdown suggests a bearish trend as BTC also fell below the Ichimoku cloud.
Key Levels
- Resistance: $111,592, $117,416, $120,000
- Support: $105,390 (38.2% Fibonacci retracement), $100,928 (200-day SMA), $100,000
The bullish scenario requires BTC to surpass the recent lower high of $117,416 created on August 22.
XRP, ETH, and SOL Performance
XRP remains above its 100-day SMA but is trapped within the Ichimoku cloud, indicating market indecision. In contrast, both Ether (ETH) and Solana (SOL) are trading above their 100-day SMAs and Ichimoku clouds, positioning them favorably against BTC and XRP.
