Struggles of Bitcoin price at crucial resistance: possibility of another price drop?
Bitcoin is fought tooth and nail at a crucial resistance zone after a fierce correction. It's a challenging standoff, with volumes dwindling and a potential bearish retest looming.
The last 24 hours have witnessed a significant correction in Bitcoin, shifting the market dynamics. After breaching crucial levels, Bitcoin has bounced back into a heavy resistance cluster, but momentum is wavering.
Several technical factors converge at this resistance zone, suggesting a bearish retest. The $103,000 level represents resistance from various perspectives - the 200 Moving Average, daily resistance, and the 0.618 Fibonacci retracement. Dismally, volume isn't supporting the rally.
Looking closely, the rally into this resistance zone has occurred on decreasing buy-side interest, raising concerns of a bearish continuation. The setup mirrors a classic bearish retest, a pattern frequent in downward-trending markets, where the price revisits former supports-turned-resistance before plummeting further.
The market structure has undeniably evolved towards a bearish stance. The recent correction not only broken earlier swing lows, but also sealed a new lower high - a sure sign that the trend remains negative unless the $103,000 level is boldly reclaimed.
AAVE, meanwhile, displays a resilience in the face of $240 as whales hoard, but its momentum shows signs of faltering.
What might be coming up in the market action
If Bitcoin cannot regain the $103,000 resistance cluster with strong volume, another downswing appears likely. Traders must be vigilant for signs of a confirmed lower high forming, which could indicate a dive towards deeper support levels.
As for Bitcoin's outlook, opinions among analysts vary. Some predict a rise towards $120,000 if Bitcoin holds above $108,000, underpinned by whale accumulation and positive sentiment. At the same time, there's a possibility of a nosedive if selling pressure surges.
By mid-2025, some forecasts eye Bitcoin reaching between $115,000 and $137,000. For instance, Changelly expects a peak at $137,000.17, while LongForecast predicts a range between $115,561 and $132,957.
At the end of 2025, ambitious targets range from $150,000 to $250,000, prompted by factors like expanding global liquidity and a potentially loose Federal Reserve stance.
Extremist scenarios see speculative options trades betting on Bitcoin reaching $300,000 by mid-2025, albeit they are viewed as longshots.
While predictions differ, there seems to be a consensus of substantial potential for Bitcoin's price to skyrocket, dependent on market conditions and investor sentiment.
The bearish retest at the $103,000 resistance level might lead to another downswing in Bitcoin if strong volume isn't seen to overcome it. On the other hand, some analysts predict a rise towards $120,000 if Bitcoin can maintain the $108,000 level, supported by whale accumulation and positive sentiment. By mid-2025, forecasts project Bitcoin reaching between $115,000 and $137,000, with Changelly anticipating a peak at $137,001.7, while LongForecast predicts a range between $115,561 and $132,957. Ambitious targets for the end of 2025 range from $150,000 to $250,000, driven by expanding global liquidity and a potentially loose Federal Reserve stance. However, speculative options trades place longshots on Bitcoin reaching $300,000 by mid-2025. The future of Bitcoin's price seems to show substantial potential for growth, depending on market conditions and investor sentiment.
In the realm of crypto finance and technology, the decentralized exchange (DEX) on Tron and other altcoins like AAVE could offer alternative investment opportunities. The performance of these tokens may offer insights into the crypto market's direction, serving as potential indicators for the future of Bitcoin.
