Bitcoin's price has recently rebounded to just under $104,000, following a dip to $104.30. This uptick correlates with positive signals from U.S. equity futures, but a deeper analysis reveals troubling trends for short-term investors. According to Chartered Market Technician Omkar Godbole, this movement appears to be a classic breakdown and retest situation. Bitcoin previously traded in a head-and-shoulders pattern, suggesting a transition from bullish to bearish sentiment. As traders look to profit from the bounce, those who missed the initial breakdown may enter fresh short positions, increasing downward pressure. The immediate support level sits at $100,000, with a potential decline extending to around $95,500 if selling pressure continues. To counter this bearish sentiment, Bitcoin would need to break above $107,000 to restore a more positive outlook.
Bitcoin Price Nears $104K, But Warnings of Bearish Trends Emerge
Bitcoin has rebounded to nearly $104,000, yet technical indicators warn of potential declines. Immediate support is seen at $100,000.
Jamie Bennett
Crypto Analyst
4 min read
28,475
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
BTC
BTC
SELL
Entry Price
$0
Confidence
20%
Stop Loss
$100000
Take Profit
$0 - $0
The analysis shows a potential bearish setup, suggesting further downside. A strong short-term bounce is unlikely to hold, as the outlook is still bearish.
