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Bitcoin Hits Resistance As Momentum Dwindles, Why BTC Could Crash To $103,000
The digital currency market has been witnessing a recovery trend since last weekend’s plummet below the $100,000 mark. However, momentum is dwindling at this critical level, and this presents some bearish implications for Bitcoin (BTC) price.
In recent times, investors have seen significant gains in the cryptocurrency market, with Bitcoin being no exception. The asset has managed to recover from its lows of over 5% since then, reaching as high as $107,000 before hitting a strong resistance level.
This resistance is now driving bearish momentum and may potentially send the Bitcoin price back below $100,000 once again. According to FirstNameHelen, an experienced crypto analyst at TradingView, this significant resistance has been seen at levels of $108,200 and $108,800.
Historically, these levels have been the ceiling for Bitcoin’s price movement, indicating that the bearish pressure may indeed be a force to reckon with here. While it is not uncommon for investors to hold their positions during consolidation periods like this, if we see any significant selling pressure rise in the market, then it would likely take some time before a new upward move could occur.
As for the potential crash below $100,000 again, it highlights the importance of having an appropriate risk management strategy.
Source: bitcoinist.com
