The Bitcoin price is again under heavy pressure in the market. An analyst has warned That the coin shows strong arary drawing after they have been rejected at a resistance level. The prize has now fallen to criticism support areaWhere buyers try to hold the line. According to the analyst, if the level failed, the price can fall even lower, which increases doubts about whether the most important levels remain safe.
Analyst says Bitcoin price Bearish was after $ 121,000 rejection
The analyst explained that the Bearish trend started then Bitcoin The resistance level of $ 121,000 strongly rejected. According to the analyst, that rejection forced the coin to break down from his earlier upward channel, which had led the prize during his last rally. As soon as this breakdown took place, the mood in the market and a New bearish phase grabbed grasp.
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The analyst added that Bitcoin moved within a downward channel for the first time, but even that structure could not hold. As the sales pressure increased, the currency Braked below the support level of this channel. The downward movement meant a shift in sentiment, because buyers could not keep the price stable. According to the analyst, the fall of Bitcoin can now follow a steep local trend line, so that the coin can Refuse faster.
This kind of movement shows that sellers are in control for the time being. The position of the analyst is that the rejection of $ 121,000 was a turning point and that the coin has not been able to regain the power since then. For many traders, this level has become a clear resistance that will no longer break Without a strong question.
$ 109,700 support under pressure, analyst focuses on $ 104,000 next
The analyst also pointed out that Bitcoin now immediately tests the most important copper zone at $ 109,700. The level acts as a horizontal support and the analyst says that if it fails, the Bearish case can only become stronger. Although there may be a short period of lateral movement or a Minus Of the nearby trend line, the analyst believes that the dominant power in the market remains down.
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In simple terms, the analyst expects that the weight of the sale will break the level of $ 109,700. If that happens, the path to $ 104,000 will be the next logical target. The analyst explained that this lower zone could be the next support area Where buyers may try to fight back.
However, if $ 109,700 does not hold, the move to $ 104,000 can come quickly. Furthermore, the market will start to ask a greater demand – can Bitcoin retain the critical level of $ 100,000? Traders look closely, because a break below that level Significant shift in the wider trend.
Featured image of dall.e, graph of tradingview.com