Bitcoin Under Siege: Bearish Pressure Keeps Price Below $99,575

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Bitcoinis under intense bearish pressure as it struggles to reclaim the $99,575 mark, a key resistance level that has proven to be a significant hurdle. After an impressive rally earlier in the month, BTC’s momentum has slowed, with sellers taking control and keeping the cryptocurrency in a tight range below this critical threshold.

The current price action highlights growing uncertainty in the market, as bulls attempt to regain strength while bears capitalize on every opportunity to push prices lower. With $99,575 marked as a pivotal point, the next moves could set the stage for Bitcoin’s short-term trend. Will the bulls manage a breakthrough, or will bearish dominanceprevail? The coming days hold the answer. Bitcoin Struggles Below The Critical $99,575 Resistance Level

Bitcoin is currently facing significant resistance at the $99,575 level as its price fights to break above this critical threshold. Despite attempts to rally, bearish pressure has kept BTC confined below this key resistance point, limiting its upward movement. Related Reading Bitcoin Slips Below $100K: Is The Rally Losing Steam? 1 day ago

As Bitcoin hovers near this level, marketsentiment remains cautious since there are possibilities of a breakout or a deeper pullback. Furthermore, the $99,575 level remains pivotal, as a successful breach could signal further bullish momentum, while failure to surpass it may result in increased selling pressure.

BTC’s price has also dropped below the 100-day Simple Moving Average (SMA), a key technical indicatorthat often acts as a significant support level. This shift below the 100-day SMA suggests weakening upside strength and may signal that bears are gaining control. Bearish price put BTC firmly below $99,575 and the 100-day SMA | Source: BTCUSDT on Tradingview.com

Historically, when the price falls below the SMA, it can indicate a potential shiftin market sentiment, with further downside risk if the price fails to reclaim this important indicator. If BTC cannot regain momentum and climb above the 100-day SMA, it may face increased selling pressure, leading to more losses as bearish sentiment continues to dominate. Key Technical Indicators Suggest Challenges For BTC’s Recovery

A critical analysis of the Composite Trend Oscillator indicator suggests that Bitcoin could be poised for more declines. The indicator’s trend line and the SMA’s line have dropped below the zero line, a sign of bearish momentum .  Related Reading Bitcoin Price Dips Again: Is The Momentum Shifting? 1 week ago

When both these components fall below this threshold, it typically signals that the downtrend is gaining strength, indicating increased sellingpressure. This bearish signal, combined with the price action below the 100-day SMA, suggests that Bitcoin may struggle to regain upward momentum in the near term.

Conclusively, If bearish pressure on BTC continues, several key support levels will be crucial to monitor. The first significant level is $93,257, where the price could find initial support. Should BTC fail to hold above this point, the next support zonewill be around $85,211, which has previously been a strong demand area. A sustained drop below these levels may suggest an extended price drop to other support ranges. BTC trading at $95,236 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com