BTC Plunges Below $104K: Bearish Momentum Builds

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As a crypto investor, I’ve noticed that Bitcoin has dipped below the crucial $104,268 mark, hinting at the onset of a market correction following an extended bullish run. This unexpected pullback has left many traders taken aback, as we had anticipated BTC‘s upward trajectory to persist.

The change in attitude is primarily due to profit-taking, investor caution from institutions, and overall economic worries influencing risky assets. Additionally, the break of the $104,268 resistance level triggers apprehension about further drops, as attention now turns towards potential lower support levels.

Although adjustments might seem jarring, they’re an inherent aspect of Bitcoin’s fluctuating value trends. Over the coming period, we’ll see whether this asset can recover balance and re-establish crucial support points or if the negative trend continues, possibly leading to a larger slide.

Bearish Momentum Builds: Bitcoin Struggles Below $104,268

At present, Bitcoin’s value is dipping slightly below the crucial $104,268 mark, which makes it more probable that we might see further drops. The trend in Bitcoin’s price suggests a negative direction, as selling force appears to be stronger than buying interest. With Bitcoin persistently trading under this significant support level, the chance of larger adjustments increases.

Keep in mind that price adjustments are typical in BTC’s market fluctuations, offering potential buying chances for long-term investors. If this asset can hold steady at these lower prices, a recovery could still be on the horizon. Nevertheless, the market is currently showing signs of caution, as the downward trend persists and Bitcoin struggles to surpass $104,268 again.

Additionally, the Relative Strength Index (RSI) coincides with Bitcoin’s present price trend, indicating a decrease in market momentum’s intensity. As the RSI shifts from excessively bought positions towards balanced regions, it indicates a reduction in purchasing power.

Generally speaking, this downturn often occurs when the price falls below the $104,268 support point, which could mean that the earlier bullish momentum might be weakening. Since the RSI is decreasing, it seems like the market may be losing steam, implying there’s a chance for a potential further drop unless buyers re-enter the scene.

Can BTC Recover After Dropping Below $104,268?

The dip of Bitcoin (BTC) beneath the $104,268 mark is causing some apprehension regarding its immediate future, yet the path forward continues to be unpredictable. Traders will keep a close eye on BTC’s behavior in response to this significant support level break.

A surge past $104,268 might suggest an upcoming rebound, potentially pushing Bitcoin back toward its current record high of $108,311 for another test. However, if it can’t regain this level, further falls could occur, with the price possibly dipping to support levels near $100,000. Whether the recent downtrend is a temporary pause or the start of a more significant correction depends on Bitcoin’s capacity to recover and resume its upward trajectory.

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2025-01-19 02:43