Bitcoin’s daily chart is showing rejection from resistance at $91,271, signaling that the recent bounce might be losing steam. The price failed to hold above this key level and is now back below it, indicating potential weakness unless buyers step in quickly.
The 200-day moving average remains intact as support, which is a critical level to watch. If price continues lower, a retest of $85,000 and the 200 MA is possible. However, for bulls to regain control, Bitcoin needs to close back above $91,271, confirming strength and opening the door for a push toward $94,990.
Volume has decreased compared to the strong buying days from the recent bounce, suggesting momentum is slowing. This could mean consolidation or another leg down before any significant rally.
If sellers continue to dominate, a lower high could be forming, which would indicate more downside risk. Bulls need to reclaim lost levels quickly, or we may see another sweep of lower support in the coming days.
The 200-day moving average remains intact as support, which is a critical level to watch. If price continues lower, a retest of $85,000 and the 200 MA is possible. However, for bulls to regain control, Bitcoin needs to close back above $91,271, confirming strength and opening the door for a push toward $94,990.
Volume has decreased compared to the strong buying days from the recent bounce, suggesting momentum is slowing. This could mean consolidation or another leg down before any significant rally.
If sellers continue to dominate, a lower high could be forming, which would indicate more downside risk. Bulls need to reclaim lost levels quickly, or we may see another sweep of lower support in the coming days.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
scott.melker@texaswestcapital.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.