Losing more than 12% in the past week, Bitcoin later found a temporal support level and recovered quickly to nearly $100k last weekend. It lost grip again and resumed drops, sitting at a channel’s lower boundary.
The past seven days have been turbulent for Bitcoin, as the price plunged to a two-week low. However, it managed to stay above the $92k level last Friday and recovered. That brought a little relief to the market over the weekend, but the $100k level poses a threat to buyers.
It lost momentum again and located support above the $93k level today with a slight increase above $96k in the past hours. Facing a rejection above the level, it lost a thousand ground and now sits at $95.2k.
Currently, the bulls are showing interest but there’s not enough pressure. If they regain control and step back in action, we can expect a new rally above the $100k level. This should sustain bullish momentum in the ascending channel before reaching an extreme overbought condition.
Dropping off this channel could trigger a bigger drop in the next few days. If that happens, Bitcoin may test a six-week low before recovering.
BTC’s Key Levels To Watch
Source: Tradingview
If Bitcoin respects this channel’s lower boundary, the price may climb back to the $99,540 level, rejected last weekend. Above it lies a hidden resistance of $106,648 alongside a major $108,353 high before rallying hard to $110k and $115k as expected in the past weeks.
A break below the channel may slip the price back to $92,232 and the important $90k level. Below it lies the $85,072 and $81,500 support in case of more dip.
Key Resistance Levels: $99,540, $106,648, $108,353
Key Support Levels: $92,232, $85,072, $81,500
- Spot Price: $95,234
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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