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06/01/26
52
Bitcoin Faces Bearish Momentum as Price Dips Below Key Support
Bitcoin has faced renewed downward pressure, struggling to maintain its position above key support levels. The cryptocurrency recently failed to sustain gains above $104,000, initiating a fresh decline that has brought its price below the $103,500 level. Currently, Bitcoin is trading below $103,000 and the 100-hour simple moving average, signaling a bearish momentum in the short term.
A notable feature on the hourly chart is a bearish trend line forming with resistance around $102,400. This trend line, coupled with immediate resistance levels near $102,250, suggests that any attempts at recovery might be met with selling pressure. The recent dip saw Bitcoin briefly drop below $102,400 and even break below $101,200, reaching a low of approximately $100,266. Since then, the price has stabilized somewhat but remains within a bearish territory. The recovery since the low has been limited, with some retracement observed at the 23.6% Fibonacci retracement level of the recent decline.
Looking ahead, the key resistance levels to watch include $102,400 and $103,500. A decisive move above $103,500 could potentially open the door to test higher levels, including $104,200 and possibly around $105,500. Conversely, failure to sustain above resistance might result in further declines. Immediate support zones are identified at roughly $100,500 and then at $100,000, with critical support extending down to $98,800. Should the selling pressure continue, the next major support could be around $96,500, with a crucial support level at $95,500, below which recovery prospects would diminish significantly.
Technical indicators reinforce the cautious outlook. The MACD is currently in a bearish phase, and the Relative Strength Index stands below the neutral 50 level, indicating ongoing selling momentum. Overall, Bitcoin’s near-term trajectory remains uncertain, with the potential for further declines if current resistance levels are not convincingly breached.
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