Bitcoin Under Siege: Bearish Pressure Keeps Price Below $99,575

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	21,512,030,266	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

21,512,030,266

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000467	0.19%	0.248727	0.248825	0.248931

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000467

0.19%

0.248727

0.248825

0.248931

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.249415	0.247991	0.24826	0.24826	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.249415

0.247991

0.24826

- - -

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	03:18:49	20.00	0.248727	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

03:18:49

20.00

0.248727

USD

Price x Volume	Volume	Base Symbol	Related Pairs
92,643.09	372,373.27	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

92,643.09

372,373.27

Bitcoin Under Siege: Bearish Pressure Keeps Price Below $99,575

20/12/2024 5:00pm

NEWSBTC

Bitcoin is under intense bearish pressure as it struggles to reclaim the $99,575 mark, a key resistance level that has proven to be a significant hurdle. After an impressive rally earlier in the month, BTC’s momentum has slowed, with sellers taking control and keeping the cryptocurrency in a tight range below this critical threshold. The current price action highlights growing uncertainty in the market, as bulls attempt to regain strength while bears capitalize on every opportunity to push prices lower. With $99,575 marked as a pivotal point, the next moves could set the stage for Bitcoin’s short-term trend. Will the bulls manage a breakthrough, or will bearish dominance prevail? The coming days hold the answer. Bitcoin Struggles Below The Critical $99,575 Resistance Level Bitcoin is currently facing significant resistance at the $99,575 level as its price fights to break above this critical threshold. Despite attempts to rally, bearish pressure has kept BTC confined below this key resistance point, limiting its upward movement. Related Reading: Bitcoin Slips Below $100K: Is The Rally Losing Steam? As Bitcoin hovers near this level, market sentiment remains cautious since there are possibilities of a breakout or a deeper pullback. Furthermore, the $99,575 level remains pivotal, as a successful breach could signal further bullish momentum, while failure to surpass it may result in increased selling pressure. BTC’s price has also dropped below the 100-day Simple Moving Average (SMA), a key technical indicator that often acts as a significant support level. This shift below the 100-day SMA suggests weakening upside strength and may signal that bears are gaining control. Historically, when the price falls below the SMA, it can indicate a potential shift in market sentiment, with further downside risk if the price fails to reclaim this important indicator. If BTC cannot regain momentum and climb above the 100-day SMA, it may face increased selling pressure, leading to more losses as bearish sentiment continues to dominate. Key Technical Indicators Suggest Challenges For BTC’s Recovery A critical analysis of the Composite Trend Oscillator indicator suggests that Bitcoin could be poised for more declines. The indicator’s trend line and the SMA’s line have dropped below the zero line, a sign of bearish momentum. Related Reading: Bitcoin Price Dips Again: Is The Momentum Shifting? When both these components fall below this threshold, it typically signals that the downtrend is gaining strength, indicating increased selling pressure. This bearish signal, combined with the price action below the 100-day SMA, suggests that Bitcoin may struggle to regain upward momentum in the near term. Conclusively, If bearish pressure on BTC continues, several key support levels will be crucial to monitor. The first significant level is $93,257, where the price could find initial support. Should BTC fail to hold above this point, the next support zone will be around $85,211, which has previously been a strong demand area. A sustained drop below these levels may suggest an extended price drop to other support ranges. Featured image from Unsplash, chart from Tradingview.com

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