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Bitcoin Hits Resistance As Momentum Fades, Why BTC Might Crash To $103,000
The crypto market has been witnessing a recovery trend since the weekend lows, but it seems like the momentum is dwindling. Bitcoin, in particular, has been pushing towards new all-time highs, only to be met with resistance around $108,000. This sudden change in trajectory could have dire consequences for investors who are still holding their breath for a significant price surge.
As the world’s largest cryptocurrency by market capitalization continues to grapple with this psychological barrier, bears may get an upper hand, causing a drastic downward move that could see Bitcoin plummet to $103,000. According to FirstNameHelen, a crypto analyst at Bitcoinist, there are valid reasons for such a massive crash.
The recent push towards the previously uncharted territory has been accompanied by significant hesitation from investors. This hesitancy is seen in the lack of momentum, which could be an indicator that bears are now firmly in control of the price action. A closer examination of the charts reveals that the Bitcoin price has consolidated below a crucial support level over the past few days, indicating growing unease and uncertainty among market participants.
In light of these observations, it is difficult to dismiss the possibility of a bearish reversal that could send the cryptocurrency below $100,000 once more. The analyst highlights $108,200 and $108,800 as the levels of utmost concern for Bitcoin investors who have been banking on a continued uptrend.
Source: bitcoinist.com
