Bitcoin has dipped below the 100-day moving average, raising concerns among traders about its short-term outlook.
Technical Analysis
Bitcoin has recently dipped below the critical 100-day moving average at $98K, indicating an increase in selling pressure. However, the lack of strong bearish momentum points to weak market participation, with neither buyers nor sellers showing dominance.
The Daily Chart
Despite the breakdown, the situation introduces a slight bearish bias, increasing the chances of further consolidations and potential retracements toward the significant $90K support level.
The 4-Hour Chart
In the lower timeframe, Bitcoin's price action leans bearish, gradually approaching the ascending channel's lower boundary. The market remains indecisive, especially with two contrasting scenarios in place.
BTC's current price action around the $90K mark will be crucial in determining the next major trend, with further consolidation toward this level expected in the short term.
