$BTC #Bitcoin #Crypto #Cryptocurrency #Blockchain #Finance #Trading
Bitcoin Price Dives as War Escalation Sparks Market Sell-Off
In a dramatic turn of events, Bitcoin price plunged below the critical $103,000 support level as geopolitical tensions escalated, stirring a broad market sell-off. Currently, Bitcoin is struggling to find footing and might face challenges in surmounting the $103,500 resistance mark.
The descent began vigorously as Bitcoin breached the $105,500 threshold, accelerating losses through the $104,200 and $103,000 levels before a stark drop below the $102,000 support. The digital currency eventually tested new lows around $98,250. Post this steep fall, Bitcoin has entered a phase of consolidation, with minor recoveries insufficient to counteract the bearish momentum.
Despite a brief climb above the 23.6% Fibonacci retracement level from the recent high of $106,470 to a low of $98,277, selling pressure persisted under the $101,200 mark. Currently trading below $102,000 and the 100 hourly simple moving average, Bitcoin also confronts a formidable bearish trend line with resistance near $101,250 on the hourly BTC/USD chart, sourced from Kraken.
Looking upwards, immediate resistance is clustered around the $101,250 point. If Bitcoin can breach this, the next significant resistance at $102,500—or the 50% Fib retracement level—will be critical to overcome for any substantial recovery. Surpassing this could set the stage for a test of the $103,500 and potentially the $105,000 resistance levels.
Conversely, failure to clear the $102,000 resistance could trigger another decline. Immediate support lies near $100,150, with more robust support at $98,500. Further losses might push Bitcoin towards the $96,500 and $95,500 support zones. A fall below $95,000 could severely hamper Bitcoin’s ability to attract bids, signaling deeper troubles.
The hourly MACD indicates a loss of momentum in the bearish zone, and the RSI for BTC/USD remains subdued below the 50 level, suggesting that the bears have a temporary upper hand.
Investors and traders should watch these levels closely, as Bitcoin’s next moves could be pivotal in setting the tone for the cryptocurrency market amid ongoing geopolitical concerns.
Comments are closed.