Bitcoin Faces Selling Pressure as Key Resistance Holds
- Bitcoin (BTC) is currently priced at $104,990.01, experiencing selling pressure in Asian trading hours.
- Bulls failed to break above the critical resistance level of $107,250, reinforcing a bearish trend.
- A “death cross” pattern is looming, with the 50-day SMA falling below the 200-day SMA.
- Previous death crosses in September and August produced false bearish signals.
- The key support level to watch is $100,000, with a break above $107,250 needed to shift momentum back to bulls.
The current price action highlights Bitcoin’s struggle at critical resistance levels and the potential implications of technical patterns like the death cross. A convincing move above $107,250 would be necessary for bulls to regain control in this market.
With Bitcoin currently at $104,990 after failing to surpass $107,250, traders are closely monitoring these key levels for future direction.(Source)
