Bitcoin continues to face challenges at the key resistance level of $97,700. Market analysis provides insights into possible scenarios for the cryptocurrency's movement.
Current Market Situation
Bitcoin struggles to maintain its position above the descending trendline support at $97,700, a level marking significant resistance. The failure to hold above this line necessitates seeking stability at the lower blue trendline.
Downward Channel Constraints
Bitcoin's attempts to break out of the downward channel face selling pressure. The level of $97,700 remains crucial, with overcoming it potentially opening the path for further upward movement. Support around $94,000 is also critical to avert steeper declines.
Bitcoin's Movement Prospects
Technical indicators suggest a potential bullish divergence, indicating that momentum might shift towards growth. If buyers retain their stance above the blue trendline, Bitcoin might attempt to breach the $100,000 level. However, failing this support might lead to further declines with a major support level at $91,000.
Participants are closely monitoring Bitcoin's key technical zone for signs of a trend reversal or continuation of the current downtrend. A decisive move above resistance could indicate renewed bullish momentum, while continued rejections may lead to prolonged consolidation.
