Bitcoin price is showing signs of a potential drop below the $100,000 mark. The analysis of current charts indicates weakness in growth arguments.
Current Market Situation for Bitcoin
On the daily chart, Bitcoin is moving within a descending broadening wedge. This implies the price is trading between two downward-sloping trendlines that are gradually widening. Currently, BTC price is hovering around $106,000 after failing to break above the upper channel line.
Resistance and Support Levels for Bitcoin
The upper boundary of the channel has become a significant resistance zone, preventing Bitcoin from breaking higher since mid-May. Each failed breakout attempt has resulted in sharp declines, reinforcing bearish sentiment in the market. According to the chart, a key level is around $97,600, which may serve as the next significant support.
Future Price Movement of Bitcoin
Overall analysis indicates that Bitcoin's momentum is weakening. Repeated rejections at the descending trendline and lower highs indicate sellers are in control. Until BTC price can break above this resistance with strong volume, the risk of another dip below $100,000 remains high.
The possible dip below $100,000 for Bitcoin remains relevant as long as the price cannot overcome key resistance. Investors should monitor market dynamics closely.
