Bitcoin fell below the critical level of $104,268, signaling the beginning of a period market Correction after a long period of bullish performance. this withdrawal It surprised many traders as they were expecting the uptrend for BTC to continue.
The shift in sentiment is driven by profit taking and caution from institutions Investorsand broader economic concerns affecting risk assets. A breach of the $104,268 support level also raises concerns about further declines, with the focus now on lower support areas.
While a correction may seem alarming, it is a normal part of Bitcoin’s volatile price movements. The next few weeks will determine whether the asset can regain stability and regain key support levels or whether the downward momentum will continue, which could lead to a more significant pullback.
Bearish momentum is building: Bitcoin struggles below $104,268
Bitcoin is currently trading below the critical level of $104,268, increasing the possibility of further declines. BTC price action is showing signs of negative movement sale Pressure outweighs interest in buying. As BTC remains below this key support threshold, the risk of deeper corrections is increasing.
However, it is also important to remember that corrections are a natural part of Bitcoin price movement, and they often appear buying Opportunities for long-term investors. If the asset finds support at these lower levels and stabilizes, there is still potential for a recovery. However, the market remains cautious for now, with bearish momentum continuing to build as Bitcoin struggles to break the $104,268 level again.
Furthermore, the Relative Strength Index (RSI) is in line with Bitcoin’s current price action, reflecting a… refrigeration Market momentum. As the RSI moves from overbought levels towards the neutral zone, it indicates that buying pressure is waning.
Usually, this shift coincides with withdrawal Below the $104,268 support level, indicating that the previous bullish strength may be fading. With the RSI trending lower, the market appears to be calming down, indicating the potential for further downward movement unless buying interest returns.
Can BTC recover after falling below $104,268?
BTC’s recent drop below the $104,268 level has raised concerns about its near-term outlook, but the road ahead remains uncertain. Traders will be closely watching how the asset reacts to a breakout of this key support.
A successful recovery above $104,268 could indicate a possible It rebounded, causing a move towards the current all-time high of $108,311 to retest. In turn, failure to recover this level may lead to further declines, and less testing supports Areas like the $100,000 mark. Bitcoin’s ability to stabilize and regain the upward move will be crucial in determining whether the recent pullback is a temporary setback or the beginning of a deeper correction.
Featured image from Unsplash, chart from Tradingview.com
