Bitcoin’s lower low and lower high formation have stirred many bearish sentiments among swing traders, but the whales are still optimistic, as the market bias remains bullish in the long term. It is down 6% weekly.
Bitcoin’s key support and resistance levels have remained intact over the past week. However, it attempted to resume bullish but failed to reclaim the previous high due to bearish interception around the $103k level.
This led to another serious drag down, but the primary crypto managed to hold above the $91k level last Thursday. The bulls took advantage of the temporary hold and pushed back, but the $96k level posed a strong threat today and is now dropping—trading at $64k at the time of writing.
Losing the mentioned holding level could trigger a serious dump into the rising trendline, which has been acting as diagonal support since August 2024. That area is a key entry point that the bulls patiently wait for. As seen on the daily chart, the support line has produced a bounce thrice.
If the price respects this support line again, we can anticipate a strong buy capable of bringing the bulls back on track. A breakdown there may cause a serious decline, which could later bring an end in the bull run.
That said, it is noteworthy to say that Bitcoin’s overall market structure remains bullish on the macro-outlook. The price must break above the previous high before confirming a bullish continuation. But as it stands now, the bears are in charge.
BTC’s Key Levels To Watch
Source: Tradingview
Dropping off $91,000, the next key support level to watch is $85,000, followed by $81,500 – sitting above the support line.
The $96k level has been a tough resistance for the bulls in the past five days. If they manage to claim it along with the crucial $100k level, the $104,088 and $108,353 levels are the next resistance to watch for a test.
Key Resistance Levels: $100,000, $104,088, $108,353
Key Support Levels: $91,000, $85,072, $81,500
- Spot Price: $94,000
- Trend: Bearish
- Volatility: Moderate
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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