Bitcoin (BTCUSD) Shows Signs Of Weakness As Key Resistance Holds Strong

BTCUSD shows signs of weakness as the $100,000 key resistance holds strong. From a price action perspective, Bitcoin has formed multiple lower highs after rejecting the $100,000 resistance level. The market recently attempted to push above this level but failed, leading to a sell-off. Key horizontal support lies at $85,000, which is a critical level to watch. If this support is breached, it could trigger further bearish movement.

 

Given the bearish structure, BTCUSD is likely to decline toward $85,000 in the short term. If bearish momentum intensifies, a further drop to $66,780 could be on the horizon. Any temporary relief rallies will likely face strong resistance around $98,370 before sellers regain control. A confirmed break below $85,000 would signal a deeper correction, potentially toward $53,500.

BTC Key Levels

Supply Levels: $100,000, $108,400, $115,000
Demand Levels: $85,000, $66,800, $53,500

What Are the Indicators Saying?

The daily chart shows BTCUSD struggling to stay above the 9-period SMA (Simple Moving Average), currently at $96,720. The RSI (Relative Strength Index) stands at 46.80, indicating weakening momentum below the neutral 50 level, suggesting further downside potential. The price has failed to break above the psychological resistance at $100,000, reinforcing the bearish bias.

Learn from market wizards: Books to take your trading to the next level.

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Ltd. ADVFN Ltd does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  The Banned Blogger

• 

  ForexSQ

• 

  Professor Glen Arnold

• 

  Quoted Data