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The rejection at this key resistance zone has pushed BTC/USD lower, with the price currently hovering around $98,535. Notably, Bitcoin has slipped below its 50-day and 200-day exponential moving averages (EMAs), which stand at $101,079 and $100,439, respectively. A sustained drop below these moving averages could reinforce bearish momentum.
The Fibonacci retracement levels indicate that Bitcoin may find immediate support near the 0.382 level at $98,247. However, if selling pressure intensifies, BTC could extend losses toward the key support region at $94,000, aligning with a previous demand zone and the lower boundary of the descending channel.
Adding to the cautious sentiment, the Relative Strength Index (RSI) on the 4-hour chart remains below the 50 mark, suggesting weakening bullish momentum. If BTC fails to reclaim the $100,000 psychological level, a retest of the $94,145 support area appears increasingly likely.
Ethereum Eyes Rebound Toward $4,000
Ethereum is showing signs of a potential rebound after testing its long-term ascending trendline support near $2,665.
The sharp decline, which saw ETH drop nearly 6% on the day, has led to an oversold reading on the Relative Strength Index (RSI), currently hovering around 31.72. Such RSI levels have historically preceded notable recovery rallies in Ethereum’s price action.
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