Last week, Bitcoin resumed bearish actions at full speed after failing to push above the $95k level. Marking this level as resistance, it is now on the verge of breaking lower as the supply level increases.
Since Bitcoin fell below $100k in January, the market speculation and sentiment for bull run came to a halt as it continued to turn weak daily.
Unfortunately, the crypto supplied heavily after a month’s consolidation and the price collapsed into the $78k range in late February. That caused serious panic and fear in the space, but the asset sharply bounced back from that range and retraced to the $95k level after two days of trading.
A quick dump from that retracement level brought selling pressure back in the market, and the bears regained control after failing to push higher last week. Crossing into this week on a serious bearish note, the price appears very weak on the day as it approaches a crucial support line.
Having posted a substantial loss in the past five days, things might get worse if the leading crypto breaks below the previous monthly low.
This low coincides with the crucial support line forming since August 2024. A breakdown there could crash the asset heavily into the $70k range before taking a short break. Currently, no room for the bulls.
BTC’s Key Levels To Watch
Source: Tradingview
The previous monthly $78,252 low is considered a key support level for a breakdown. Losing it should dip the price to $73,620 and $69,500.
Towards the upside, the $85,120 level serves as resistance, along with the $91k and $95k levels. If Bitcoin managed to retake them, we would consider a bullish move. But for now, the bears have taken over.
Key Resistance Levels: $85,120, $91,000, $95,000
Key Support Levels: $78,258, $73,620, $69,500
- Spot Price: $80,508
- 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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