Bitcoin (BTC) has repeatedly faced obstacles at the psychological level of $100,000 recently, which not only frustrates bull confidence but also increases market concerns about its breaking through key support levels. Here are the current technical observations:
Current trend: Bitcoin's price has broken below the 50-day simple moving average (SMA) of $95,406, indicating that bears are gradually taking control.
Support level: If BTC closes consistently below the 50-day moving average, it may further drop to the strong support zone of $90,000. If this support fails, the market may accelerate to test lower levels at $85,000, or even $73,777, which is a longer-term key point.
Resistance level: Bulls need to push the price back above $100,000 as soon as possible, which will inject more confidence into the market. If this psychological resistance can be broken, BTC/USDT is expected to rebound to the historical high of $108,353. However, this process may face strong opposition from bears.
From the current trend, Bitcoin is at an important technical juncture, and the choice of down or up will have a profound impact on the future market direction.
Similar to Bitcoin, Ethereum (ETH) has also shown weakness recently, with bulls failing to establish an effective breakthrough during the rebound.
Key resistance: ETH is encountering selling pressure near the 20-day exponential moving average (EMA) of $3,540, with the current resistance level around $3,780. If this resistance can be broken, it may further rise to $4,100.
Support level: If ETH breaks below $3,420, it may further test $3,240.
Ethereum's rebound momentum is weak on the technical front, and the market is concerned about whether it can hold the key support at $3,420.
The current trend of Bitcoin and Ethereum shows a strong wait-and-see sentiment in the market, especially if Bitcoin breaks below $90,000, it will negatively affect the overall cryptocurrency market sentiment. The future focus is on whether bulls can launch a strong counterattack at the key support level to avoid further declines that could trigger panic selling.
What is your opinion? Are you bullish on Bitcoin's rebound, or do you think it may continue to test lower levels? Feel free to share!
