Bitcoin’s price is once again under strong pressure in the market. Analyst He has warned that the currency shows strong low signs after being rejected at a level of resistance. The price has now fallen to a criticism Support areawhere buyers are trying to keep the line. According to the analyst, if the level fails, the price could decrease even more, which increases doubts about whether the key levels will remain safe.
The analyst says that Bitcoin Price became bassist after a rejection of $ 121,000
The analyst explained that the bearish trend began when Bitcoin He strongly rejected the resistance level of $ 121,000. According to the analyst, that rejection forced the currency to decompose from its previous ascending channel, which had guided the price during its last rally. Once this breakdown occurred, the mood in the market changed and a The new bearish phase seized.
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The analyst added that Bitcoin first moved inside a channel down, but even that structure could not contain. As the sales pressure increased, the currency It also broke underneath The support level of this channel. The downward movement marked a change in feeling, since buyers could not maintain the stable price. According to the analyst, Bitcoin’s fall can now follow a steep line of local trends, which could make the currency decline faster.
This type of movement shows that sellers have a control firmly for now. The opinion of the analyst is that the rejection of $ 121,000 was a turning point, and the currency has not been able to regain strength since then. For many merchants, this level has become a clear resistance that will not break again Without strong demand.
$ 109,700 support under pressure, the analyst is aimed at $ 104,000 below
The analyst also pointed out that Bitcoin is now directly testing the key area of the buyer at $ 109,700. The level acts as a horizontal support, and the analyst says that if he fails, the bearish case could only be strengthened. While there may be a short period of lateral movement or a Reestima Of the nearby trend line, the analyst believes that the dominant force in the market remains a downward pressure.
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In simple terms, the analyst expects the weight of the sale to break the level of $ 109,700. If that happens, the route to $ 104,000 becomes the following logical objective. The analyst explained that this lower area It could be the next support area Where buyers could try to defend themselves.
However, if $ 109,700 is not maintained, the move at $ 104,000 could quickly arrive. Beyond that, the market will begin to ask a bigger question: can Bitcoin have the critical level of $ 100,000? The merchants are watching closely, because a break below that level would mark a significant change in the broader trend.
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