Bitcoin price don drop below $110K, e dey eye $100K support as supply tight dey
Bitcoin price don drop under im $110,000 support level and di 100-day moving average. Technical analysis dey show say di bearish momentum still strong, wit di RSI below 50 and e break from long-term descending channel. Short-term charts dey confirm lower highs and lows as Bitcoin dey test narrow descending trend, after e don break and retest di $117,000 and $110,000 supports. Analysts don find next support zones for fair value gap near $104,000 and di 200-day moving average close to $100,000. On-chain data dey show steady decline for exchange reserves as investors dey withdraw BTC go cold wallets, wey tight supply. Even though dis trend dey support better long-term outlook, Bitcoin price still dey vulnerable to short-term corrections if demand weaken or macro conditions change.
Bearish
Di brek key support levels for $110K and di 100-day moving average, plus RSI wey dey below 50 and breakdown from one descending channel, mean say strong short-term selling pressure dey for Bitcoin price. To fail hold $117K and $110K for shorter timeframes dey reinforce di downtrend. Even though on-chain data show say exchange reserves dey shrink, wey normally dey support better long-term outlook, di immediate outlook still bearish as Bitcoin dey test di fair value gap for $104K and di 200-day moving average near $100K. Traders suppose prepare for more downside if demand weak or macro factors dey worsen.