Key Points:
Selling pressure intensified on Tuesday, significantly increasing the probability of Bitcoin dipping to $104,000.
After failing to break through the $109,000 mark on Sunday and Monday, Bitcoin (BTC) fell back to $105,250 on Tuesday. Bitfinex analysts noted in their latest market report that Bitcoin may have formed a local high and could enter a consolidation phase.
The following outlines the key support and resistance levels currently worth paying attention to, in conjunction with the chart.
Bitcoin is currently constrained between a downward trend line and moving averages, indicating that the trading range may further expand in the coming days.
The upward moving averages provide some support for bulls, but the Relative Strength Index (RSI) hovers around the midpoint, suggesting limited bullish momentum. If the price breaks below and continues to operate under the moving averages, BTC/USDT could fall back to $104,500, and if it continues to lose ground, it may further dip to $100,000. This trend would keep the trading pair within a bearish descending triangle pattern.
If Bitcoin's price can rebound from the moving averages and break through the downward trend line, the aforementioned bearish pattern will be invalidated, and the market may aim for the neckline position of the inverse head and shoulders pattern.
The trading pair has fallen below the moving averages, indicating that short-term traders are choosing to take profits. It is expected that buying pressure will fiercely defend the $104,500 support level; if this level is lost, the price may drop directly to the psychological level of $100,000.
The first signal of a strengthening trend will be reflected in a breakthrough of the 20-period Exponential Moving Average (EMA), with subsequent potential to challenge the downward trend line, at which point bears may actively defend. If buyers can break through the downward trend line, the trading pair may launch an attack towards the historical high of $111,980.
Related: Strategy company is expected to realize $13 billion in unrealized Bitcoin (BTC) gains, with main business revenue stagnating.
Original: “Bitcoin (BTC) Breaks Below Key Support Levels, Facing Potential Deeper Drop”
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