‎Bitcoin Faces Bearish Pressure as Price Targets Key Levels

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‎BTCUSD Market Analysis – November 4

‎Bitcoin’s recent price action signals a clear shift in market sentiment as bearish momentum strengthens, breaking key support zones and hinting at deeper corrections ahead.

‎Bitcoin (BTCUSD) Key Levels

‎Support Levels: $97,700.00, $89,300.00
‎Resistance Levels: $108,400.00, $124,000.00

‎BTCUSD Long-Term Trend: Bearish

‎Bitcoin has officially transitioned into a bearish phase following a decisive break of market structure. The shift occurred as price dropped below the $108,400 supply level, effectively invalidating the previous bullish trend and signaling a broader downward continuation. This decline also marks the end of the prolonged consolidation range between the $124,000 and $108,400 levels.
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‎The daily Moving Average reinforces the bearish sentiment, with price trading firmly below the indicator—confirming downward momentum. As this trend persists, Bitcoin is expected to extend its decline toward the $97,700 demand level, and possibly the $89,300 zone if bearish pressure remains dominant.
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‎Meanwhile, the daily Relative Strength Index (RSI) is approaching the oversold territory, hinting at the possibility of a temporary bullish correction. Such a pullback could serve as a necessary retracement to reactivate the daily bearish order block before the dominant downtrend resumes.

‎BTCUSD Medium-Term Trend: Bearish

‎On the 4-hour timeframe, Bitcoin maintains its bearish structure, though signs of an impending pullback are beginning to surface. The 4-hour RSI indicates oversold conditions, suggesting that a short-term bullish recovery could occur in response to exhaustion among sellers.
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‎Currently, price action is forming a new bearish leg as it nears the $97,700 demand zone. This area could act as a potential support base for a corrective rebound, providing the liquidity needed to retest the previous order block before a continuation of the overall bearish trend.
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