Bitcoin Slides as Bulls Face Setback

BTCUSD Analysis – Bitcoin strength diminishes

Bitcoin slides as bulls face setbacks. Bitcoin is currently experiencing a setback, stalling around the key level of $84,000 for the past few days. Sellers have gained strength in recent times, putting pressure on buyers and causing the market to oscillate within a defined range. Since the end of the last quarter of 2024, Bitcoin has been caught between a high of $107,000 and a low of $77,960.

Bitcoin Key Levels

Support Level: $77,960, $76000
Resistance Level: $107,000, $100000

Traders have struggled to break through these key levels, leading to a series of rebounds in the market. After recently hitting the floor at the $77,960 significant level, Bitcoin has moved up. Currently, it is encountering selling pressure at the $84,000 mark.

The current market dynamics suggest that sellers are eager to push prices lower. The Relative Strength Index (RSI) is slipping into the sell area, indicating weakening momentum for buyers. Moreover, the Momentum indicator has drifted back to the 0.00 level, further corroborating the reasons behind the recent decline.

On the daily time frame, selling activity has been gradually increasing, with sellers actively looking to capitalize on the weakness of buyers. The RSI indicates a struggle from the buy side, as selling pressure continues to mount. Given the current state of the market, Bitcoin is likely to face further declines, with a potential fall toward the $80,000 key level if selling momentum persists.

Market Expectation

The outlook for Bitcoin remains cautious as bulls face setbacks and selling pressure increases. If sellers successfully push prices below the $84,000 level, it could signal a further decline toward the $80,000 support level.

Traders should closely monitor the behavior of the RSI and Momentum indicators for any signs of a shift in market sentiment. A failure to hold above critical support levels may lead to a more pronounced downward trajectory in the coming sessions.

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