Bitcoin’s price has been under intense pressure on the markets. Analyst has warned After being rejected by a level of resistance, the coin displays strong bearish signals. Now, the price is at a critical level. support areaWhere buyers try to hold on. The analyst said that if this level is not maintained, then the price may fall even further, which raises doubts as to whether these key levels are safe.
Bitcoin’s price is down after $121,000 rejection, says analyst
According to the analyst, the downward trend was initiated when Bitcoin Strongly rejected the resistance level of $121,000. The analyst said that the rejection caused the coin’s price to fall from the upward channel it had been following during its previous rally. After this break down, the mood of the market changed. new bearish phase took hold.
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According to the analyst, Bitcoin moved initially in a downtrending channel. However, even that could not last. When selling pressure increased the coin decreased. also broke below The support level for this channel. As buyers were unable to keep prices stable, the downward movement marked a change in sentiment. The analyst believes that Bitcoin may be falling along a local steep trend, which might cause it to drop. decline faster.
This type of action shows that the sellers are in full control at this time. According to the analyst, the rejection was at $121,000 a significant turning point and since then the coin’s strength hasn’t recovered. This level is a strong resistance for many traders. without strong demand.
Analysts Target $104,000 as Next Step after $109,700 Under Pressure
He also said that Bitcoin has now reached the $109 700 key zone for buyers. This level is a horizontal resistance, according to the analyst, and if this fails the bearish argument will only get stronger. Although there could be a period of sideways motion or an minor retest The analyst is convinced that market forces are still dominated by downward pressure, based on the trendline.
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The analyst believes that the level of $109700 will be broken by the weights of the sales. In that case, $104,000 is the next obvious target. This lower zone was explained by the analyst could be the next support area What buyers could do to resist.
But if the $109700 level does not hold then $104,000 may be reached quickly. Beyond that, the market will begin to ask a bigger question — can Bitcoin hold the critical $100,000 level? Investors will be watching this closely because any break below the $100,000 level could mark a significant shift in the broader trend.
Chart from TradingView.com, image from DALL.E
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Source: www.newsbtc.com
