Disclaimer! I try my best to make it simple and easy, Hope you understand easily.
The current price of $BTC is $96,655.99, with a 24-hour high of $96,808.37 and a low of $93,200.00. The market shows significant levels of resistance and support. One of the key resistance levels is at $100,111, which aligns with the sell average price. Another critical resistance lies at $108,353. On the downside, a strong support level is observed around $86,050, which has held the price steady in previous attempts to break lower.
Looking at the price movement, BTC has been consolidating in a sideways range between $86,050 and $108,353. After touching the sell average price of $100,111, the price faced a sharp rejection, triggering a downward trend. This consolidation phase reflects indecision in the market, with buyers and sellers fighting for dominance within this range.
Despite the downward pressure, there are signs of a potential recovery. The red arrow on the chart suggests a bullish scenario, where BTC could recover toward the $98,017 level. Breaking above this level would signal renewed strength and could lead to another test of the $100,111 resistance. However, failure to hold above the $96,000 mark could result in a bearish move toward the $86,050 support zone, which has proven to be a reliable area for buyers to step in.
The moving averages also provide useful insights. The short-term moving average (MA5) indicates weak momentum, while the slightly longer-term moving average (MA10) reflects the recent downward trend. A break above $98,000 could reverse this trend and restore bullish momentum, but for now, the price remains under pressure.
In the short term, BTC needs to stay above $96,000 to maintain its position and avoid further declines. A breakout above $98,017 could lead to a retest of the $100,111 resistance, which would be a positive sign for bulls. On the other hand, if the price fails to hold its current levels, it could revisit the $86,050 support zone. The market may continue consolidating between $86,000 and $100,000 until a clear breakout occurs.