Bitcoin Faces Resistance: $100,000 Risk Increases

Bitcoin's (BTC) price continues to worry investors after a sharp drop last Friday. The significant trend line drawn from the peaks of 2017 and 2021 could not be broken once again, increasing the risk of Bitcoin’s price declining to the 100,000 dollar level.

The sharp sell-off in recent weeks has caused Bitcoin to bounce back from a strong resistance zone. CoinDesk analyst and technical analyst Omkar Godbole noted that this drop represents the third failed attempt at the trend line from past peaks, stating, “Being rejected for the third time is not a coincidence; it forms a pattern.” According to Godbole, this recurring failure indicates that bullish momentum is weakening and that this trend line has now become the main battleground for the bull market.

In Bitcoin’s monthly chart, the long wicks in July, August, and October show that bulls are losing strength despite their persistence. Godbole emphasized that the MACD indicator has not provided a strong signal comparable to the rise during December-January, weakening the upward momentum. On the daily charts, Bitcoin’s sharp reversal from the upper band of the expanding channel technically indicates that downward risk has increased.

The analyst noted that the transition of short and long-term MACD histograms into negative territory supports the bearish trend. Additionally, the 200-day simple moving average (approximately 107,000 dollars) stands out as a potential first support point. Godbole emphasized that for bulls to change the current situation, a close above 121,800 dollars is necessary. Otherwise, technical indicators suggest that Bitcoin could once again test below 100,000 dollars.