Bitcoin’s Brave Attempt at Glory Thwarted: Are the Bears Back in Charge?

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Well, well, well. It was Thursday, and the bulls decided to have a go at breaking the descending trendline. Naturally, the bears had other plans and sent them packing faster than a wizard on a broomstick. After this spectacularly failed attempt at trend-breaking heroism, Bitcoin decided to take a dive on Friday. The million-dollar question remains: How far will it fall before we all start screaming? Are the bears finally back in control, or just taking a nap?

$BTC Gets a Cold Shoulder at the Trendline

Bitcoin had a little moment of fame when it hit $110,000, but alas, the red candle swiftly showed up like the villain at the end of a bad soap opera. And what does it do? Reminds us that the bears are still lurking like the grumpy old uncle at family gatherings. There was a fleeting green candle, looking like it might be something, but it could just be eaten alive by the oncoming wave of rejection.

The bearish scenario here is like watching a slow-motion train wreck: The price keeps slipping downward, threatening to break the $109,000 mark, which would be a real low blow for Bitcoin. If this happens, the next “rescue point” could be $106,000, but let’s be honest, if Bitcoin plummets down to $100,000, we’ll all be hoarding canned goods and preparing for the end of days.

But wait, before we all go into full meltdown mode, let’s throw on our rose-tinted glasses. At this level, Bitcoin’s got some decent support. And who knows? $109,000 could still hold its ground without causing another existential crisis.

However, the real problem here is that the bulls are getting tired. Like, “Is it time for a nap yet?” tired. Momentum is waning, and the 4-hour Stochastic RSI indicators hit their peak, like a tired person who’s been at a party too long. When the 8-hour Stochastic RSI indicators followed suit and slid downward, it was game over for the bulls. At least for now. So, can we all agree the bulls were just out of shape?

Moving Averages Throwing Shade – Is a Bigger Dip on the Horizon?

If you’re into charts and data (which is totally normal, right?), the daily chart might be making you sweat. The key Simple Moving Averages (SMA) – 50-day (blue), 100-day (green), and 200-day (red) – are looking a little sketchy. The 50-day and 100-day SMAs are tilting downward like a bad haircut, and if history is any guide, this could signal a full-blown collapse, like a bad soufflé falling flat. Last time this happened, Bitcoin saw a 30% drop, and even the mighty 200-day SMA couldn’t save it.

But hey, don’t panic yet! Maybe it’s just a blip, like that one sock that always disappears in the laundry. Still, let’s keep an eye on those squiggly lines, shall we?

Down at the bottom of the chart, the RSI indicator is bouncing on some support, trying to make a comeback. But if it falls through, well, the 200-day SMA might get a second chance to step up to the plate. We all know how that goes, right?

Bearish Divergence on the 2-Week Chart – Is the Bear Army Assembling?

Forget the weekly chart – it’s practically a prank at this point. The 2-week chart, on the other hand, is the grown-up of the group, giving us fewer false alarms. Right now, Bitcoin’s lounging around the $109,000 support, but if it decides to slip below it, things could get uglier than a troll at a beauty pageant. This would open the floodgates for a much deeper price correction, and let’s face it – we all know how *that* goes.

Let’s talk about the indicators. The MACD and Stochastic RSI are crossing down like a couple of disgruntled employees heading for the exit. Both of them are sloping down, while the price is, for some strange reason, still trying to head upwards. This is classic bearish divergence. The kind of thing that makes you question all your life choices. Could this be the big dip we’ve all been waiting for? Or could Bitcoin defy logic and shoot straight up, crushing all divergence in its path? For now, though, it looks like the bears are comfortably in control, sipping their tea and watching us all panic.

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2025-08-29 13:09