Bitcoin Bearish Case: Continued Rejection At $100,000 Increases Likelihood Of Breakdown

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Bitcoin Bearish Case: Continued Rejection At $100,000 Increases Likelihood Of Breakdown - NewsBTC

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Related Reading: Bitcoin To Challenge Gold: Expert Sees US Taking The Lead This continued tug-of-war has brought the bearish case for BTC into sharper focus, with technical analysis highlighting a 50/50 chance of a further drop or a bounce.$90,000: A Pivotal Support Zone Under Threat Recent Bitcoin price action has significantly put the $90,000 price point as the most notable support level for the bulls.

Although the crypto has largely held above the $90,000 support level even during the recent corrections, the bearish outlook hinges on its ability to defend this level. According to technical analysis by crypto analyst EGRAG CRYPTO, Bitcoin has made five different attempts to test a support trendline around $90,000, which further reveals the importance of the level.

This repeated retest increases the chance of weakening the support strength and is gradually making Bitcoin more vulnerable to a sharp decline. With this in mind, the major task for Bitcoin bulls would be to hold above the $90,000 and break resistance levels above $100,000 in order to invalidate a bearish outlook.