Bitcoin continues to face market challenges, sitting at an important resistance level that may lead to further price decreases.
Current Market Situation
In the past 24 hours, Bitcoin has experienced a significant correction that has shifted the local market structure. After breaking through key levels, BTC bounced back into a strong resistance but is struggling to regain it.
Key Technical Points
• Major Resistance Cluster: $103,000 level combined with the 200-day moving average, daily resistance, and the 0.618 Fibonacci retracement. • Bearish Market Structure: Clear lower highs and lows are established. • Volume Weakness: The bounce into resistance is occurring on low volume, indicating a lack of bullish conviction. • Rejection Probability: The current region acts as strong resistance, hinting at further downside unless reclaimed.
Price Forecasts
If Bitcoin fails to reclaim the $103,000 resistance cluster with strong volume soon, another leg down becomes increasingly likely. Traders should watch for signs of a confirmed lower high that could signal a move toward deeper support levels.
In the current conditions, Bitcoin may face additional challenges if it does not manage to regain the key resistance level, which would open the way for further price declines.
