Bitcoin prices remain above $100,000, and remain very close to the all-time high of $111,900. However, this did nothing to discourage bearish sentiments that continue to destroy the crypto market. In particular, Altcoins are the most suffering, and seem to have no visible purpose for decline. Given current market sentiment, crypto analysts are giving reasons behind the weakness in Bitcoin’s price, despite still over $100,000.
Why Bitcoin prices are still bearish
In the analysis, Crypto analyst Anup Ziddi pointed out why Bitcoin prices may continue to see a bearish trend from here. The first is the fact that major cryptocurrencies by market capitalization continue to fall below the critical level that sits at $107,000.
So far, $107,000 has come to a significant level and served as a new all-time bid resistance for Bitcoin. Following the price decline, it turned into resistance again, and the Bulls were unable to clear this level. With this in mind, if prices continue to rise, $107,000 is at a winning level.
According to Crypto analysts, Bitcoin prices are still quite bearish as long as they fall below this level. The longer you trade below $107,000, the more likely you are to experience a further crash from here. The initial goal is at the $103,500 level, which has already been tested at the beginning of the week. Then, after this, $102,500 appears in vision, with $100,000 sitting as the final goal before reaching major support.
In addition to Bitcoin price trading below these important psychological levels, crypto analysts point to the worsening geopolitical situation as a catalyst for decline. This is seen as Bitcoin prices fell following Donald Trump’s new tariff war, causing financial markets to be turbulent.
Push down the BTC further
Another analyst is calling the bears surrounding Bitcoin prices, hoping that assets will drop even further. Analysts point to reasons behind the market, such as liquidity sweep, fair value gaps, and market structure.
Analysts explained that the highest rise ever was not a real breakout, but rather called it a stop hunt. moreover, Fair Value Gap Sitting at $105,600 and $106,000. Bitcoin prices were unable to regain this level, which increases the chances of further pullbacks.
Last but not least, the breakdown of Bitcoin’s price back to $104,300 is considered by analysts to be the first indication of a continuing bearishness. “If prices return to that imbalance and show rejection, we expect a low ongoing continuity, with a target of $104,300 and ultimately a decline to $103,600,” the analyst said.
Featured Images of Dall.E, Charts on tradingView.com
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.