Analyst Warns Bitcoin May Retest Below $100,000 If Key Level Fails
Bitcoin has recently surpassed the $100,000 mark, leading to increased market volatility. Over the past 24 hours, Bitcoin's price fluctuated between $99,701 and $106,307.
- Bitcoin closed above a key confluent resistance level, marked by a horizontal trendline at $101,165 and a descending trendline from its all-time high of $108,135.
- Current testing of the $106,000 level may indicate potential market rejection, which could drive prices down to $91,000.
- Candlestick formations suggest a slowdown in bullish momentum, raising the possibility of a downward move.
Critical Levels for BTC
Maintaining a position above the breakout confluence area is essential for Bitcoin’s trajectory. If it retests this zone:
- A successful rebound would indicate bullish behavior and potential upward momentum.
- A failure to hold the support could lead to increased selling pressure, with significant support levels at $91,070 and $87,325.
Bitcoin is currently priced at $106,100.
