Bitcoin is under intense bearish pressure as it tries to reclaim the $99,575 level, a key resistance level that has proven to be a significant headwind. After impressive rally at the beginning of the month, BTC’s momentum slowed and sellers took control and kept the cryptocurrency in a narrow range below this critical threshold.

The current price action highlights the growing uncertainty in the market as bulls try to recover while bears take every opportunity to push prices down. With $99,575 set as the key point, subsequent moves could set the stage for Bitcoin’s near-term gains. tendency. Will the bulls manage to break through or will bears follow? advantage reign? The coming days will bring the answer.

Bitcoin is struggling below the critical resistance level of $99,575

Bitcoin is currently facing significant resistance at $99,575 as its price struggles to break above this critical threshold. Despite attempts to rally higher, bearish pressure kept BTC below this key resistance point, limiting its upward movement.

When Bitcoin oscillates near this level, market sentiment remains cautious as there is a possibility of a breakout or deeper breakout withdrawal. Moreover, the $99,575 level remains crucial as a successful break could signal further momentum, while a failure to breach it could result in increased selling pressure.

BTC price also fell below the 100-day basic moving average (SMA), a key technical indicator which is often a significant level of support. This shift below the 100-day SMA suggests weakening upward momentum and may signal that the bears are gaining control.

Historically, when price falls below the SMA, it can indicate potential Change market sentiment, with further downside risk if price fails to recover this critical indicator. If BTC is unable to regain momentum and climb above the 100-day SMA, it may face increased selling pressure, leading to greater losses as bearish sentiment continues to dominate.

Key technical indicators suggest challenges for BTC recovery

Critical analysis of the Composite Trend Oscillator indicator suggests that Bitcoin may be poised for further declines. The indicator’s trend line and SMA line have fallen below the zero line, which is a bearish sign momentum.

When both of these components fall below this threshold, it usually signals that the downtrend is gaining strength, indicating an boost in selling pressure. This bearish signal combined with price action below the 100-day SMA suggests that Bitcoin may struggle to regain its upward momentum in the near future.

In summary, if bearish pressure on BTC continues, it will be crucial to monitor several key support levels. The first significant level is $93,257, where the price may find initial support. If BTC fails to stay above this point, next support zone will be around $85,211, which was previously an area of ​​sturdy demand. A sustained decline below these levels could suggest a prolonged decline in prices to other support ranges.

Featured image from Unsplash, chart from Tradingview.com