Good morning, everyone. Bitcoin recently failed to break through the psychological barrier of $100,000 and has instead retreated below $96,500. Currently, Bitcoin may return to the support area of $93,200.
The decline in Bitcoin began near $99,400, and as market sentiment worsened, the BTC price not only fell below the support level of $96,500 but also broke through the 100-hour simple moving average. The hourly chart for BTC shows that an important bullish trend line has been broken, and the support level has also fallen around $98,400.
Looking back, Bitcoin had a strong rise above $96,500, breaking through the resistances at $97,500 and $98,000, even approaching the psychological barrier of $100,000. However, after reaching a high of $99,400, the price began to fall. This decline not only caused Bitcoin to lose the support at $96,500 but also broke through a key Fibonacci retracement level.
From a technical perspective, Bitcoin's price has broken below $96,500 and the 100-hour simple moving average, further exacerbating market pessimism. The hourly chart shows that the price has fallen below the bullish trend line, losing the support level of $98,400, and may slide to lower regions next.
Possibility of a rebound
Despite the current severe situation, Bitcoin still has the potential for a rebound. If Bitcoin can stabilize in the $95,000 support area, there may be an opportunity for a rebound. However, this requires positive buying signals and the alignment of technical indicators in the market.
The immediate resistance level facing Bitcoin is $96,400. If this price is broken, BTC may test the key resistance level of $97,750. If $97,750 is broken, Bitcoin may challenge the resistance area of $99,000, or even $100,000. If market sentiment continues to improve, Bitcoin's price could approach $102,000.
If Bitcoin cannot break through the resistance area of $96,500, the decline may continue. In this case, $95,200 will be an important support level. If this support level is also broken, Bitcoin's price may further decline, approaching $95,000. If market sentiment worsens, BTC's price could drop to $93,800 or even $92,500.
In terms of technical indicators, the MACD shows that bearish forces are strengthening, and the RSI has fallen below 50, further proving that the market is still in a weak pattern.
Analysis of the previous bull market
Looking back at the previous bull market, we saw Bitcoin break its historical high in March, followed by a rise in altcoins. In April, when a major drop occurred, altcoins began to fall; but by the end of May, Bitcoin rose again, and altcoins followed suit, completing that round of the bull market.
The current situation is very similar; Bitcoin is likely to challenge previous highs again, and altcoins will rise accordingly.
However, $100,000 is just a temporary peak in this round of Bitcoin's bull market and does not signify the end of this bull market.
Upcoming market hotspots
In the upcoming market, several hotspots are worth paying attention to:
Trump and Musk series tokens: A new market trend is expected to be triggered around Trump's official inauguration.
Impact of Wall Street institutional funds: Grayscale may become a key factor, expected to drive volatility in the altcoin sector.
Performance of platform tokens: Tokens like BGB and GT have already reached all-time highs, while platform tokens such as BNB, HTX, and OKB are also refreshing historical records. Platform tokens typically perform strongly before the market turns to altcoin rotations.