Bitcoin $100,000 Rejection Triggers Sell-Off – Key Support In Sight

Source Newsbtc

Bitcoin attempt to sustain momentum above the highly anticipated $100,000 mark has faced stiff resistance, leading to a sharp pullback. Its rejection at this psychological level has fueled bearish pressure, pushing BTC into a corrective phase as sellers take control. Now, all attention turns to key support zones that could determine whether Bitcoin stabilizes or extends its decline.

BTC might see a strong rebound if buyers step in at critical support levels, reigniting bullish momentum. However, a failure to hold above these zones may open the door for further downside, potentially testing lower price levels. As uncertainty looms, Bitcoin’s next move will be pivotal in shaping its short-term trend. 

Bearish Pressure Mounts As Bitcoin Struggles To Hold Gains

Bitcoin is currently experiencing strong bearish pressure, approaching the $93,257 level while trading below the 100-day Simple Moving Average (SMA). This downward move reflects weakening momentum as sellers continue to dominate price action. Its inability to break above the $100,000 mark and reclaim the 100-day SMA suggests that BTC may remain vulnerable to further declines unless buyers step in at key support levels.

The downward movement suggests a shift in market sentiment, with declining bullish strength and increased volatility. If Bitcoin fails to stabilize near $93,257, it could open the door for more downtrend, testing lower support levels. However, a strong defense by buyers at this range would signal a reversal attempt, offering a chance for Bitcoin to reclaim lost ground and regain its uptrend.

Bitcoin

Furthermore, Bitcoin’s Relative Strength Index (RSI) is also gaining bearish traction declining from the neutral territory toward the oversold zone. This shift suggests weakening buying pressure, allowing sellers to dictate price action. A continued drop in the RSI could reinforce the downward trend, signaling the potential for further declines if bearish sentiment persists.

Nonetheless, if the RSI approaches oversold conditions, it may indicate that Bitcoin is nearing a point of exhaustion, where buyers could step in to trigger a short-term rebound. The next few trading sessions will be crucial in determining whether Bitcoin finds support or extends its decline under mounting bearish pressure.

What’s Next For Bitcoin? Critical Levels To Watch

Bitcoin’s recent rejection at $100,000 has put key support levels in the spotlight as bearish pressure intensifies. The $93,257 level now serves as a crucial test—holding above it is likely to signal a possible bounce, while a breakdown may accelerate losses toward lower support zones.

Should the price drop below the crucial $93,257 support level, bearish momentum could accelerate, increasing the likelihood of a deeper correction. Such a breakdown may trigger further selling pressure, pushing Bitcoin toward the next key support zone at $85,211. 

However, if Bitcoin holds above the $93,257 support level, it could trigger a rebound toward the $100,000 mark. A breakout above this key resistance bolsters upside movement, paving the way for gains.

Bitcoin
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Weekly Market Outlook: U.S. October CPI Focus and Powell and Fed Officials SpeakInsights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.
Author  Mitrade
Nov 11, 2024
Insights – This week, the U.S. will release October CPI data, with inflation expected to face challenges in easing further. Retail sales data will also be closely watched for insights into the economy, guiding the Fed's future policy.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
Sep 23, Wed
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
Silver price forecast: XAG/USD rises to near $61.40 as US yields retreat, NFP eyedSilver price (XAG/USD) is up 0.55% to near $61.38 during the late Asian trading session on Friday. The white metal edges up as rally in United States (US) Treasury Yields has hit a pause.
Author  FXStreet
Oct 02, Fri
Silver price (XAG/USD) is up 0.55% to near $61.38 during the late Asian trading session on Friday. The white metal edges up as rally in United States (US) Treasury Yields has hit a pause.
placeholder
WTI Price Forecast: Hangs near four-week low, around $89.00 as bears seem noncommittalWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts sellers for the second straight day on Monday and sticks to its intraday losses around the $89.00 mark through the early European session.
Author  FXStreet
Yesterday 08: 13
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts sellers for the second straight day on Monday and sticks to its intraday losses around the $89.00 mark through the early European session.
placeholder
Gold holds steady below $4,150 amid elevated US yields Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
Author  FXStreet
10 hours ago
Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
goTop
quote