Bitcoin failed to hold above the critical $104,000 level, retreating to $100,000, signaling potential market resistance.
The 50-day EMA played a significant role in Bitcoin's recent price movement, indicating that this moving average remains a key support/resistance point.
Despite the pullback, Bitcoin’s bullish market structure remains intact, and the $104,000 level remains crucial for future upward movement.
Bitcoin barely struggled to stay above the $104,000 mark but has retreated all the way down to $100,000 the next day. The dominant crypto asset with an exponentially rising trajectory faced some downward pressure around the $104,000 marker. However, this backing down is seen as temporary, and the bullish market structure is still apparent at the moment, eyeing $104,000 as the key area of focus for further advance.
Bitcoin’s Struggle at $104,000 as Technical Indicators Point to Consolidation
However, this huge surge of Bitcoin to and above $104,000 failed to hold this high and quickly returned to the $100 000 range. By doing so, this retreat focuses the spotlight on $104,000 area as resistant points. Now, the trader and analysts raise a question of how Bitcoin can get back to this level and hold it because, in the middle of long-term targets, traders look for this level as a potential level of further growth.
https://twitter.com/CryptoJelleNL/status/1869643436779085866
In the recent dip, Bitcoin gets to the 50 day EMA and based on history, it acts as a critical support or resistance level. It is apparent that Bitcoin tested this crucial moving average in an attempt to confirm that the market participants are paying attention to whether the price is going to be stable or not.
Bullish Structure Remains Intact, What’s Next for Bitcoin?
Despite the failure for price to sustain above $104,000 we see this as somewhat of a resistance, the bullish structure remains valid. Still, the cryptocurrency market remains able to demonstrate sound performance: the market’s higher lows prove it is capable of further growth. The general trend of the market remains up however the critical level of focus here is $ 104 000. Getting back to this level could force a new wave by investors, which could be beneficial for Bitcoin, helping it scale new heights.
Future focus will be on the Bitcoin position above or below $104,000. Reclaiming this price level to the upside could open the door to further appreciation while a breakdown beneath it could indicate a period of ranging or declined weakness.
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