NewsBTC reports that Bitcoin’s efforts to bounce back after falling to $85,211 are in jeopardy due to the scarcity of strong momentum. Despite the attempts of buyers to reassert dominance, technical indicators imply that bullish power is on shaky ground. This raises concerns about Bitcoin’s ability to sustain its recovery or whether it may experience another downturn.
Given the impending resistance levels and the ongoing market uncertainty, Bitcoin’s forthcoming steps remain shrouded in mystery. If the buyers fail to accumulate substantial momentum, Bitcoin may find it challenging to surge, opening up the possibility of increased selling pressure.
Bitcoin’s price action suggests that bulls are trying to rebound from the $85,211 support level after a significant decrease. This attempt follows a phase of intense selling pressure, exacerbated when Bitcoin met significant resistance at $93,257 and couldn’t advance.
Despite certain stabilization indicators, bullish momentum appears to be waning. The absence of high buying pressure raises concerns about whether Bitcoin can maintain its current rebound effort or if another decline is on the horizon. Moreover, the price is still below the 100-day Simple Moving Average (SMA), indicating that bears continue to rule the market.
The MACD line and signal line are also trending lower, suggesting a potential reduction in bullish momentum. If these lines continue to decline and cross into the negative zone, it could indicate a trend shift favoring the bears. This weaker performance implies that the purchasing power may not be strong enough to support a substantial recovery, thereby increasing the risk of further losses.
A proven bearish crossover could strengthen the selling dominance, making it harder for Bitcoin to regain an upward trend. Bulls need a surge in buying activity to push the MACD indicators back into a positive trend. Traders should keep a close eye on key support and resistance levels for confirmation of the next trend.
If the bulls can hold the $85,211 support level, Bitcoin might experience a relief rally, pushing prices towards the immediate resistance at $93,257. A decisive break above this critical level could pave the way for a stronger bullish push, propelling Bitcoin towards $100,000. Such a move would boost market confidence and attract more buyers, increasing the chances of sustained upward growth.
However, if Bitcoin fails to gain momentum, a drop below $85,211 could exacerbate losses. In this scenario, Bitcoin might test lower support levels, possibly around $73,919 or even $65,082, before finding stability.
