Bitcoin tests $97K support amid selling pressure, with $96.9K triggering minor recovery but uncertainty looms over further declines.
TD Sequential signals a buy near $97K, hinting at the potential rebound, though failure to hold support may target $92K next.
BTC slips below the 200-hour moving average, marking a bearish shift as key support levels face intense market scrutiny.
The Bitcoin (BTC) price faced sharp selling pressure, testing the $97,000 support level after a notable decline. On the hourly chart, BTC dropped from $97,706 and failed to maintain upward momentum, reversing to $97,775. Ali, a crypto analyst, pointed out that the TD Sequential indicator has flashed a buy signal near critical support levels.
Price Drops Amid Significant Selling Pressure
Bitcoin experienced a steep downturn, breaking below $97,200 amid strong bearish momentum. The price plunged past $97,000, briefly touching $96,900. The extended red candlesticks highlighted aggressive selling, while the breach of key support zones amplified the bearish sentiment.
An “S13” resistance indicator emerged earlier in the trend, while the “A13” support zone was invalidated during the fall. As the price approached $96,900, a green indicator labeled "9" signaled renewed buying interest, leading to a slight recovery. This rebound pushed the price back above $97,300, though the movement lacked strong reversal patterns.
https://twitter.com/ali_charts/status/1876684037416186305 Key Indicators Signal Market Uncertainty
The 200-hour moving average, previously trending upward, indicated a bullish phase that has since transitioned into a bearish outlook. Bitcoin's break below this critical moving average intensified concerns about further downside potential.
Additionally, the red trendline served as broader support, with BTC finding temporary stability after touching this level. The dotted green line at $97,300 acted as minor short-term support, preventing immediate further declines.
Ali emphasized that if Bitcoin maintains the $97,000 support, a rebound could occur. However, a failure to hold this level may result in a deeper dip toward $92,000. The TD Sequential indicator, positioned above the setup trendline, suggests the market is at a decisive point.
Outlook for Bitcoin
The BTC market faces a critical juncture, with support at $97,000 playing a pivotal role in the near term. The recent bounce from $96,900 indicates some resilience, though a sustained recovery remains uncertain. If Bitcoin rebounds from this support, it could regain bullish momentum. However, a break below could usher in further declines, targeting the $92,000 range.
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