Bitcoin has been on a recovery trend after falling below $100,000 last weekend. This psychological level break was undoubtedly a disruptive development. However, the largest cryptocurrency by market capitalization has recovered, pushing it to $108,000 before it hits resistance. This resistance has become a major obstacle to a new all-time great campaign, and when momentum drops at this level, there are some bearish meanings on prices.
Bitcoin resistance says there can be a collision
In a TradingView post for Crypto Analyst FirstNamehelen, we outlined the levels of resistance that Bitcoin didn’t beat. Analysts highlighted the levels of concern at $108,200 and $108,800, which is the case when there is a great resistance to the price of Bitcoin.
According to Helen, this level was previously a price ceiling, and this is why it was important. However, retesting on bids to outweigh the resistance has failed, suggesting that the bears still have solid control over the price.
After this pushdown, Bitcoin prices have fallen below support levels in the past few days. This can sometimes mean gathering momentum to drive the next move, but Crypto analysts explain that this means there is hesitation in the market. Investors are willing to move forward and remain cautious, and as pressure rises the chances of a bearish reversal increase.
The possibility of a reversal refers only to short-term gatherings, not a sustained move that allows prices to reach new, ever-highs. Unless prices see a critical break in resistance and advance to the $110,000 level, they could continue to decline.
In light of stacked bear pressure, Helen predicts that prices can move downward towards the next level of support. This is $103,000 as the correction wave starts moving. It also coincides with the decline in trendlines since the peak in mid-June.
If this weekend plays similarly to last weekend, Bitcoin prices could be seen again, but again, another big crash that could fall below $100,000. The 10% crash is a retest of June’s low, especially as there is a wealth of uncertainty about wars, especially in the Middle East. However, if momentum rises again, a breakout could be possible.
At current price levels, Bitcoin prices are just 5%, breaking the all-time high of $111,900. Meanwhile, the Altcoin market continues to struggle as it is at a low level of prices.
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