Bitcoin prices are once again under heavy pressure in the market. Analyst I've warned The coin should show strong bearish signs after being rejected at a resistance level. Prices are now important Support areawhere buyers are trying to hold the line. According to analysts, if the level fails, the price could drop even further, raising questions about whether the key level is safe.
Bitcoin price has become bearish after a $121,000 rejection, analysts said
Analysts explained when the bearish trend began Bitcoin He strongly rejected the $121,000 resistance level. According to analysts, the denial forced the coin to break down from the previous upward channel. When this breakdown occurs, the mood of the market changes. A new bearish stage has been established.
Analysts added that Bitcoin first moved within a downward channel, but that it cannot even hold its structure. As sales pressure increases, coins I also broke the bottom Support level for this channel. The downward movement showed a change in emotions as buyers were unable to stabilize the price. Analysts say that Bitcoin falls could now follow a sudden local trendline, with coins being It will fade faster.
This kind of movement shows that the seller is in good control for now. In the analyst's view, a rejection at $121,000 was a turning point, and since then the coin has not been able to regain its strength. For many traders, this level is a clear resistance that will never break again. No strong demand.
Supporting $109,700 under pressure, analysts will then target $104,000
Analysts also pointed out that Bitcoin is currently directly testing its key buyer zone at $109,700. The level acts as horizontal support, and analysts say that if it fails, the bearish case will only become stronger. There may be a short period of sideways movement A minor retest Of the nearby trendlines, analysts believe the dominant force in the market remains downward pressure.
Simply put, analysts expect sales weight to break the $109,700 level. In that case, the path to $104,000 will be the next logical target: Analysts explained this low zone This may be the next support area Buyers may try to fight back.
However, if $109,700 is not held, the move to $104,000 could come soon. Beyond that, the market begins to ask bigger questions – can Bitcoin hold the important $100,000 level? Traders can take a break below that level. A large change in broader trends.
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