Bitcoin Investors’ Selling Sparks Fear of Further Price Drops
Bitcoin’s price momentum has slowed, struggling to sustain the bullish energy it has generated in recent weeks. Currently, the crypto king is trading at $98,166, hovering just below the psychological resistance of $100,000.
This stagnation, coupled with investor liquidations, has fueled concerns that Bitcoin’s value could fall significantly.
Bitcoin investors are unsure
Despite recent price stabilization, Bitcoin’s vitality indicator continues to rise. This shows that long-term holders (LTH) are increasingly liquidating their positions. LTH, often considered the backbone Bitcoin Stabilityis selling assets to mitigate potential losses from looming price drops.
If this trend continues, heavy selling by long-term holders could add to the bearish pressure. Since LTH is crucial to maintaining confidence in Bitcoin’s value, their exit from the market signals a lack of confidence in a sustained bullish recovery. This shift in sentiment could accelerate Bitcoin’s downward trajectory.
Bitcoin’s Macro Momentum It also reflects a bearish bias. Relative Strength Index (relative strength index) has fallen, struggling to stay above the neutral 50.0 mark. The weak performance of this technical indicator highlights the loss of bullish power in recent sessions.
A falling RSI indicates that Bitcoin is at risk of losing its upward momentum. If this trend continues, it could further dampen market optimism and drive prices down. Traders and investors are watching the RSI closely for signs of a potential reversal or continued downturn.
BTC Price Prediction: Breakthrough of Key Resistance Levels
The current price of Bitcoin is It is trading at $98,166, just below the $100,000 resistance level that is crucial for further growth. Converting this level into support is crucial for Bitcoin to maintain its bullish trajectory and reach new heights. However, the cryptocurrency has yet to show the buying pressure needed to achieve this goal.
On the downside, the above-mentioned bearish factors suggest that Bitcoin could fall to $95,668. Losing this key support level could open the door to further declines, with $89,800 emerging as a potential target. This situation would be a major setback for Bitcoin investors.
On the contrary, if Bitcoin can be recycled $100,000 serves as support and may rise to $105,000. Reaching this milestone would solidify BTC’s position and set the stage for a possible return to all-time highs (ATH) of $108,384. This recovery requires renewed market confidence and strong buying activity.
Disclaimer
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