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06/01/26
27
Bitcoin Dips Below $99K as Resistance Holds Wheeling Bearish Momentum
Bitcoin has recently faced significant resistance around the $105,000 level, leading to a renewed decline. The asset commenced a downward correction after failing to sustain gains above key support levels. Over the recent trading session, Bitcoin experienced a sharp decline below $104,000, dipping past the $103,500 level and even temporarily falling below the $102,000 support zone. Notably, it did breach the $100,000 threshold, reaching a low of approximately $98,900 before a modest recovery ensued.
Despite showing some corrective activity, Bitcoin remains in a broadly bearish trend as it continues to trade below the 100-hour simple moving average, a key indicator for short-term momentum. Technical chart patterns reveal that although there was a breakout above a previous bearish trend line at roughly $103,000, this did not signal a sustained reversal. The inability to maintain above this resistance could suggest further downside risk.
On the upside, attempts to rebound might encounter resistance near $103,500, with initial resistance after further gains expected around the $104,000 level. The primary obstacle for bulls remains at approximately $105,000 — aligning with the 50% Fibonacci retracement of the recent downward move. A sustained break above this level could trigger additional gains, targeting resistance points around $106,500 and potentially extending further to $107,500 and beyond.
Conversely, if the price fails to reclaim the $104,000 resistance, downward momentum could persist. Key support levels are identified near $102,150 and $100,500, with critical psychological support at $100,000. A breach of these levels may open the door to further declines, with the next significant support zone near $98,800 and ultimately down to $97,500. Technical indicators such as the MACD and RSI currently signal bearish momentum, reinforcing the downside outlook in the near term.
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