Bitcoin's price continues to struggle against selling pressure, with analysts evaluating resistance levels and market conditions for potential shifts.
Technical Breakdown and Support Zones
Jesse Olson examines Bitcoin’s bearish divergence across multiple timeframes, indicating a continued downtrend. He identifies a head and shoulders pattern, which signals potential further declines. The breakdown of an ascending trendline adds to concerns, as Bitcoin fails to maintain support near $71,383.
Resistance and Trendline Rejections
Another market analyst CRYPTOWZRD focuses on Bitcoin’s failure to break the $85,000 resistance, reinforcing the current bearish outlook. He points out that intraday price charts display volatility, with strong selling pressure preventing any sustained upward movement. The presence of a descending trendline further limits Bitcoin’s ability to recover.
Indicators Show a Bearish Market Structure
Olson highlights that Parabolic SAR indicators have shifted bearish, confirming the continuation of the downtrend. He observes a pattern of lower highs and lower lows, which signals a weakening market structure. He also emphasizes the 200-week moving average as an important support level. CRYPTOWZRD adds that Bitcoin must break above key resistance levels to escape the bearish pattern.
Analysts continue watching support and resistance levels closely to determine Bitcoin’s next major move in volatile financial conditions.
