BTCUSD Ready for Major Breakdown? Key Levels to Watch This WeekBitcoin is showing signs of exhaustion below a key supply zone. Here's my analysis on the possible bearish setup and what levels traders should keep an eye on next.
Chart Overview (4H TF – BITSTAMP):
Current Price: $103,546
Resistance Zone: $104,521 – heavy supply area. Price rejected this zone multiple times, forming a double top pattern.
Support Levels:
Immediate: $99,036 – minor support, price may retest before deciding direction.
Mid: $93,558 – key support, previous breakout level.
Strong Demand Zone: $92,500 and below (highlighted orange zone) – previous accumulation zone.
Bearish Signals:
Price is failing to break above the $104.5k resistance.
Selling pressure is increasing, shown by smaller candles and rejection wicks.
Arrows indicate potential price targets if breakdown continues.
Scenarios to Watch:
1. Bearish Case (More Likely):
If BTC breaks below $99,036, expect a quick drop toward $93.5k and possibly the $92.5k demand zone.
This could trigger a short-term bearish wave before buyers step in again.
2. Bullish Case:
If price manages to break and close above $104,521 with volume, it could invalidate the bearish bias and open room for a move toward new highs.
My Take: I’m watching for a clean break below $99k to go short toward $93.5k and $92.5k. Tight risk management is key, especially with high-impact US news on the horizon (see event icon on chart).
What do you think? Will BTC hold $99k or break lower?
Comment your thoughts below and follow for more price action updates!
