Price drops below $100,000 support – TradingView News

Bitcoin has encountered a critical breakdown, sliding below the $100,000 support level, a significant milestone that has been crucial in its recent price rally. This unexpected move raises concerns about the sustainability of its upward momentum with the market now at a crossroads.

It is important to be very on the lookout for whether this breach is a temporary dip or a sign of more extensive downward movement in the coming sessions. The breach of the $100,000 support level places Bitcoin at an uncertain time.

Historically, this level has acted as a psychological barrier and a key point of support. The coming days will be crucial in shaping the next phase of Bitcoin’s market performance, with any sustained weakness potentially setting the stage for a deeper correction.

Analysis of the break below the $100,000 support

BTC’s current price action indicates that the asset is firmly in a bearish phase, demonstrating significant downside resilience after successfully falling below the 4-hour Relative Strength Index (RSI) and the critical $100,000 support level.

This break below $100,000 represents a key shift in market sentiment that signals bear strength as they seize control of price action. Its failure to hold above this key support level has caused a wave of selling pressure, pushing the price lower and raising concerns of further declines in the near term.

Compounding the moves, the RSI, which has now fallen into oversold territory, reinforces the bearish outlook, suggesting a lack of buying interest and that market sentiment remains firmly negative. As Bitcoin struggles to find support at lower levels, traders are watching closely for signs of stabilization.

If the price continues to trade below the $100,000 mark, further downward movement towards key support zones like $90,000 or even $85,000 could be expected. Moreover, the break of the $100,000 support has now set a new benchmark, and a failure to recover this level may indicate that the bears remain in control, triggering downward pressure for the foreseeable future.

Will Bitcoin Regain $100,000 or Continue to Slide?

Bitcoin’s recent price action has left traders wondering if the cryptocurrency can regain the critical $100,000 support level or if it will continue its slide. After breaking below this key level, the asset is currently facing increased bearish pressure, with market sentiment shifting to the downside. Failure to bounce back above $100,000 could signal a deeper decline and push Bitcoin towards lower support zones like $93,257.

However, if BTC reverses the current trend and regains the $100,000 level, it could set the stage for a potential recovery. A strong rally above this threshold would likely revive bullish sentiment and provide fresh momentum for further upside towards its current high of $109,577.