As Bitcoin tries to stay above $95k, the market is filled with speculations about a possible correction. The 100 MA support at $91,700 has prevented further fall before, but will Bitcoin manage to hold these levels?
Bitcoin Current Condition
According to CoinMarketCap, BTC is up by 1.36% in the last 24 hours and 1.51% for the last 7 days. This does not indicate a bullish momentum, as the largest crypto fell by 7.17% last month, closing down by 0.72% from the previous week. Bitcoin is also losing its daily trading volume, which has decreased by 2.67%. After hitting an all-time high at $99,660, BTC faced rejection and fell to $91,770. However, the presence of the MA 100 served as a support. The current price at $95,800 is supported by both MA 100 and MA 50 on a four-hour chart.
Technical Indicators Giving Warning
Following the trading volume, the RSI has also fallen below 50 and is currently at 47.04, indicating weakening bullish power. The Average Directional Index (ADX), known for trend strength indication, is at level 15.57, highlighting a lack of power to maintain the uptrend. The liquidity heat map shows a significant buying order presence under the current price, signaling that buyers want further correction. Quarterly returns data shows that BTC provided a 51.04% return to investors this quarter, but more long traders were liquidated in the last 24 hours.
Looking Ahead
Analyzing the technical aspects, it is clear that Bitcoin lacks the strength to move towards $100k. New liquidity is necessary for the market. If selling pressure rises due to the holiday season, we might see a price drop. With large institutional support, some big purchases can push the price up, but we cannot ignore the potential increase in selling pressure, which may push the price back towards $87,600.
Bitcoin faces volatility in its quest to reach $100k. Technical indicators point to a weakening trend, and the market awaits further developments to determine which trend will prevail — continued growth or a new correction downward.
