Bitcoin $BTC is currently facing a strong resistance level in the $99,000-$100,000 range. This means that every time the price tries to move above this range, sellers come in, pushing it back down. On the other hand, a support level has been identified near $97,000, where buyers may step in if the price drops further.
What Traders Should Know:
1. Resistance Zone ($99,000-$100,000):
Bitcoin has struggled to break above this level multiple times, signaling heavy selling pressure. If the price stays below this zone, it is likely to move lower.
2. Support Zone ($97,000):
This is the level where Bitcoin could find buying interest and potentially bounce back up. It's an important area for traders to watch.
3. Bearish Momentum:
Recent price action suggests the market may pull back toward $97,000 in the short term, as Bitcoin has failed to overcome the $100,000 mark.
Trading Strategies:
For Sellers:
Consider shorting Bitcoin if it continues to struggle below $100,000, targeting $97,000 as a potential profit zone. Make sure to wait for confirmation of price rejection at resistance before entering trades.
For Buyers:
Avoid buying near $100,000 as the market shows signs of weakness. Instead, wait for the price to dip to $97,000 and look for signs of a rebound before entering long positions.
Breakout Potential:
If Bitcoin manages to break above $100,000 with strong volume, this would signal a shift to bullish momentum. In that case, buyers can look to enter trades, anticipating further upside.
Conclusion:
At the moment, caution is key. Sellers may dominate in the short term unless Bitcoin can overcome the $100,000 resistance level. Buyers should wait for a pullback to $97,000 or a confirmed breakout above $100,000 to consider entering the market.
