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Market Update: Bitcoin has managed to reclaim the critical $96.5k level, which corresponds to the 4-hour EMA200 and Monday's high. As anticipated, the $99.6k level (previous month's high) is now acting as resistance, a level that was once support before being broken. Since $96.5k was reclaimed, it hasn’t yet been retested. If a pullback happens, this would be the key level to watch for a potential bounce and continuation to the upside. A successful 4-hour reclaim of $99.6k could signal a move towards the $102k mark.
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Market Update Bitcoin is facing resistance at the $95k level, coinciding with the Weekly Open, after several rejections at the 4-hour EMA200 (yellow line) yesterday. For the market to shift back into bullish territory, Bitcoin must reclaim this $95k level and break the downtrend before attempting a retest of the EMA200. If the downward pressure continues, the $92.4k level (Monday Low and Previous Week Low) will be crucial to watch for potential support. Additionally, Bitcoin Dominance has retraced slightly, suggesting that altcoins may be beginning to outperform Bitcoin.
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Market Update Bitcoin has recently dropped below the critical $96.5k level (which aligns with the monthly open and 4-hour EMA200), and this price point is now acting as resistance, as reflected by recent 4-hour candle rejections. With the holiday season in full swing, lower trading volumes are expected, so it may be wise to wait and observe how the market moves within the Monday range. My outlook remains unchanged: if Bitcoin can reclaim the $96.5k level and hold it as support, there’s potential for a move back toward $99k. On the downside, $95k is currently acting as support. Maintaining this level is crucial to prevent a possible revisit of the $92k lows from last week.
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Market Update Bitcoin is currently hovering around the $96.5k mark, a crucial level that coincides with both the Monthly Open and the 4-hour EMA200. The orange trendline on the chart points to a consistent 4-hour downtrend since BTC reached its all-time high of $108k. A break above this downtrend could set the stage for a push toward $99k. However, if Bitcoin starts to face resistance at $96.5k, a pullback to retest the $92k level becomes increasingly probable. Traders should keep an eye on these levels for potential shifts in momentum.
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