Bitcoin under 100K: Will the Momentum Increase Again?

Over the past few weeks, Bitcoin has been found to show signs of stability while maintaining the price above $95,000, but has still not surpassed the important threshold of $100,000. This raises a big question for investors: will Bitcoin continue to trade below the 100K level or not? Current Technical Analysis

1. Levels of support and resistance highlighted Immediate Resistance: $96,650: This is the recent price level that the creature of time has encountered. $97,000: Is the first barrier that could prevent price increases. If Bitcoin is broken, this possibility will pave the way for higher price levels.Potential Resistance: $97,600: This resistance level is determined by the Fibonacci 76.4% level from the peak of $98,442 to the bottom of $94,899. Breaking this threshold could set the stage for Bitcoin to reach higher price levels such as $98,500 and ultimately surpass $100,000.Important Support Levels: $95,500: This is a recent support level where prices tend to stop falling. $95,000: If the price does not hold at $97,000, this is the next major support level.Additional Support Levels: If the downward trend continues, additional support levels lie around $93,500, $92,000, and the most important level is $91,000.
2. Technical indicators and moving averages Simple Moving Average (SMA) (: SMA 100 is currently below 96,500 USD, indicating a short-term downward trend. This warns that selling pressure may distribute in the near future. MACD: Although the MACD on the 1-hour timeframe is currently in the positive zone, reflecting the short-term buying momentum, this is not enough to completely reverse the downtrend if the light intensity cannot overcome. RSI )Relative Strength Index(: RSI on the 1-hour time frame is currently below 50, indicating that the market is in a weak state, with the possibility of a downward adjustment if there is no positive change.
3. Fibonacci Analysis and Trendline While the price dropped from $98,424 to a low of $94,899, Bitcoin has surpassed the 23.6% Fibonacci level. However, the previous uptrend line, which was supported around $96,670 on the 1-hour chart, has been broken, indicating increasing selling pressure gaining momentum. This is a selected signal if there is no positive reversal, the price of Bitcoin may continue to decline significantly. Prospects for the Future: Positive Outlook vs Negative Outlook Positive Version Step Over Resistance Level $97,600: If Bitcoin can overcome this possibility, this could be the beginning of a strong bull run. Next are the higher prices: A breakout of $97,600 can bring the price under control of the resistance zone, paving the way for the work of conquering the $98,500 price level and eventually $100,000, creating positive momentum for the market. Negative Version Not reaching $97,000: If Bitcoin cannot surpass the 97,000 USD level, selling pressure may continue to push the price down. Key support level structure: In this case, important support levels will be checked at 95,500 USD, 95,000 USD and if necessary, deepen to 93,500 USD, 92,000 USD and a minimum price level at 91,000 USD. Conclusion Bitcoin is currently at a crossroads with clear technical signals: while indicators like MACD show some short-term positive signs, SMA and RSI indicate that the downward trend may continue if selling pressure increases. If Bitcoin develops strong survival capabilities )97.000 USD and 97.600 USD(: The market may enter a phase of price increase, paving the way for reaching 100,000 USD. If these capabilities cannot be overcome: Selling pressure may push the price down to the next supports, creating a stronger downward trend. In the context of the always unpredictable and volatile cryptocurrency market, the first advisors need to monitor price movements, especially clearly defined supports and resistances. Continuous technical analysis will help make appropriate and rational decisions, avoiding unwarranted risks. Whether Bitcoin may be on the brink of a new price surge or about to enter a period of deep correction, the strength of the volatility is always inevitable. Always consider and carefully consider the technique when participating in this risky field. DYOR! )Write&Earn $BTC {spot}#Write2Earn #BTCUSDT(