Bitcoin is facing strong resistance at the important psychological level of $100,000. Failing to break past this level may lead short-term investors to take profits.
Daily BTC/USDT Chart | Source: TradingView
The first support on the downside is the 20-day EMA ($92,534). If the price bounces off the 20-day EMA, the bulls will try to push the BTC/USDT pair above $100,000. If successful, the pair could rise to $113,331 and then to $125,000.
On the contrary, if the price breaks below the 20-day EMA, the likelihood of forming a trading range will increase. At that point, the price could drop to $90,000 and then to $85,000. The support zone from $85,000 to $90,000 is expected to be strongly defended.