Bitcoin’s recent attempt to break through $100,000 failed, leading to a price drop. Let’s look at what happened and what might happen next.
The Fall From $100,000
Bitcoin’s inability to stay above the $100,000 mark has caused a sell-off. Sellers are currently in control, pushing the price down. The key question now is whether Bitcoin can find support and bounce back or continue its decline.
Bearish Signals
The price is currently approaching $93,257 and is trading below its 100-day moving average. This shows weakening momentum and suggests more drops are possible unless buyers step in. The Relative Strength Index (RSI) is also heading towards the “oversold” zone, indicating weak buying pressure.
Crucial Support Levels
The $93,257 level is a critical support level. If Bitcoin stays above this, it could signal a rebound. However, breaking below it could lead to further losses, potentially pushing the price down to $85,211.
What to Expect
The next few days will be crucial. If Bitcoin can hold above $93,257, a move back towards $100,000 is possible. A break above $100,000 would be a strong bullish signal. Conversely, a continued drop below $93,257 could signal a more significant correction. The situation is uncertain, and the market’s next move will determine Bitcoin’s short-term trend.
