Over the past 24 hours, Bitcoin has faced intensified selling pressure, leading to a price drop to around $104,020. This sharp decline of 1.6% followed a failed attempt to hold above the Fibonacci retracement level.
Market Pressure: Bitcoin's Price Drops
The drop in Bitcoin's price reflects a broader market correction that began after the asset faced significant resistance in the $110,000 zone. Technical indicators across various timeframes confirm a downward trend, with increasing bearish momentum as short-term growth attempts repeatedly fail.
Current Support Levels and Negative Indicators
The failure to defend the support zone between $105,000 and $104,500 on the 30-minute chart triggered a notable price drop. Following this breakdown, the asset retested the lower Bollinger Band near $104,000, confirming increased volatility.
Prospects for Further Price Movements
On the 4-hour chart, Bitcoin has broken below an ascending wedge pattern that previously supported its growth. It now trades well below the 20, 50, and 100 exponential moving averages, which have turned into resistance levels. Maintaining support at $103,200 is critical for any short-term recovery.
Bitcoin continues to face significant pressure from bearish market sentiments. Failure to maintain support at current levels could accelerate the move towards the psychological level of $100,000.
