- Bitcoin faces resistance near $100K, with selling pressure triggering pullbacks and consolidation around key psychological levels.
- A descending triangle pattern signals market uncertainty, with Bitcoin hovering near crucial support at $94K amid mixed sentiment.
- A breakout above $100K could fuel further gains, while failure to sustain momentum may lead to deeper corrections toward $91K.
According to renowned cryptocurrency expert Doctor Profit, Bitcoin may advance to this psychological level. At $96,553, Bitcoin is currently trading after establishing support and rising from lower levels. The market has seen price fluctuations; most recently, it peaked at $99,750 before a precipitous decline.
Bitcoin Faces Resistance Near $100K
The price movement of Bitcoin shows purchasing and selling pressure at critical points. Resistance between $99,750 and $100,000 caused the recent advance to retrace its steps. At this point, selling pressure caused a steep drop that resulted in the formation of huge bearish candlesticks. Bitcoin had a range of bullish and negative moves following the decline.
However, the price found support and started recovering, forming a gradual upward trend. The market structure suggests a potential retest of the previous highs. The next resistance zone remains near the $99,000 range, a crucial psychological level. If momentum sustains, Bitcoin could challenge this level again. On the other hand, a failure to break above it may result in another rejection.
Descending Triangle Signals Market Uncertainty
Bitcoin’s four-hour chart on Binance presents a descending triangle pattern. The price currently trades at $95,414, reflecting a decline of $850.68 or 0.88%. Lower highs and horizontal support indicate ongoing bearish pressure. Bitcoin recently tested resistance near the $98,000 to $100,000 range but failed to sustain gains. Consequently, a pullback followed, reinforcing bearish sentiment.
The price is getting close to a critical support level of about $94,000. Bitcoin might drop even further toward the $91,000 range if this level is broken. Additionally, purchasers have repeatedly defended this area, which has resulted in brief rallies. The market is still undergoing consolidation as it moves back and forth between resistance and support.
The future move of Bitcoin will be determined by a breakout from this pattern. It is possible for the price to retest $100,000 if bulls manage to climb above the declining trendline. On the other hand, persistent selling pressure can cause more drops.
