2025-02-09 02:00:26 by NewsBTC

Bitcoin attempt to sustain momentum above the highly anticipated $100,000 mark has faced stiff resistance, leading to a sharp pullback. Its rejection at this psychological level has fueled bearish pressure, pushing BTC into a corrective phase as sellers take control. Now, all attention turns to key support zones that could determine whether Bitcoin stabilizes or extends its decline. BTC might see a strong rebound if buyers step in at critical support levels, reigniting bullish momentum. However, a failure to hold above these zones may open the door for further downside, potentially testing lower price levels. As uncertainty looms, Bitcoin’s next move will be pivotal in shaping its short-term trend.  Bearish Pressure Mounts As Bitcoin Struggles To Hold Gains Bitcoin is currently experiencing strong bearish pressure, approaching the $93,257 level while trading below the 100-day Simple Moving Average (SMA). This downward move reflects weakening momentum as sellers continue to dominate price action. Its inability to break above the $100,000 mark and reclaim the 100-day SMA suggests that BTC may remain vulnerable to further declines unless buyers step in at key support levels. The downward movement suggests a shift in market sentiment, with declining bullish strength and increased volatility. If Bitcoin fails to stabilize near $93,257, it could open the door for more downtrend, testing lower support levels. However, a strong defense by buyers at this range would signal a reversal attempt, offering a chance for Bitcoin to reclaim lost ground and regain its uptrend. BTC fails to break past the $100,000 mark | Source: BTCUSDT on Tradingview.comFurthermore, Bitcoin’s Relative Strength Index (RSI) is also gaining bearish traction declining from the neutral territory toward the oversold zone. This shift suggests weakening buying pressure, allowing sellers to dictate price action. A continued drop in the RSI could reinforce the downward trend, signaling the potential for further declines if bearish sentiment persists. Nonetheless, if the RSI approaches oversold conditions, it may indicate that Bitcoin is nearing a point of exhaustion, where buyers could step in to trigger a short-term rebound. The next few trading sessions will be crucial in determining whether Bitcoin finds support or extends its decline under mounting bearish pressure. What’s Next For Bitcoin? Critical Levels To Watch Bitcoin’s recent rejection at $100,000 has put key support levels in the spotlight as bearish pressure intensifies. The $93,257 level now serves as a crucial test—holding above it is likely to signal a possible bounce, while a breakdown may accelerate losses toward lower support zones. Should the price drop below the crucial $93,257 support level, bearish momentum could accelerate, increasing the likelihood of a deeper correction. Such a breakdown may trigger further selling pressure, pushing Bitcoin toward the next key support zone at $85,211.  However, if Bitcoin holds above the $93,257 support level, it could trigger a rebound toward the $100,000 mark. A breakout above this key resistance bolsters upside movement, paving the way for gains. BTC trading at $92,207 on the 1D chart | Source: BTCUSDT from Tradingview.comFeatured image from Adobe Stock, chart from Tradingview.com Godspower Owie My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. 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