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BTCUSD retains downward bias as sellers dominate price action. Technically, BTCUSD trades consistently beneath a declining resistance line after a decisive rejection around $116,410. The confirmed break of structure near $102,100 reinforces the continuation of the prevailing downtrend, supported by the formation of successive lower highs. The identified supply territory around $110,540 stands as a key resistance region, where any upward retracement could likely encounter renewed distribution. Moreover, the 0.5 Fibonacci retracement level at approximately $107,260 overlaps this supply zone, creating a technical confluence that may serve as a strong pivot point for renewed bearish engagement if price retests it.
In forward outlook, the market framework implies potential for further depreciation once the present consolidation phase resolves. A sustained rejection below $107,260 would keep focus on the $98,900 and $95,000 downside objectives, with a broader extension targeting the $92,000 support area. Consecutive daily closes beneath $102,000 would reinforce the bearish narrative and strengthen expectations for continued decline. Alternatively, a decisive break and close above $110,540 could momentarily disrupt the downtrend bias, though sentiment would likely remain negative while price remains constrained beneath that threshold.
BTC Key Levels
Supply Levels: $110,540, $118,000, $124,530
Demand Levels: $102,110, $98,900, $92,000
What are the indicators saying?
BTCUSD maintains a pronounced bearish profile on the daily timeframe, with market dynamics continuing to favor downward momentum. The pair currently hovers near $102,240, struggling to recover the 9-day SMA positioned close to $105,990. Momentum readings, particularly from the MACD, remain negative, with expanding histogram bars affirming persistent selling pressure. The broader structure remains under bearish influence, suggesting that sellers continue to dictate direction following repeated failures to secure higher price levels.
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