Bitcoin Bears Eye $105,388 After Breaking Key Support
Bitcoin price has fallen below its 21-day and 50-day simple moving averages after breaking the 61.8% Fibonacci retracement support. This bearish trend suggests further declines toward the 1.618 Fibonacci extension at $105,388. Buyers may defend the $105,000 demand zone, but a break below could push Bitcoin price to the $100,000 psychological level. On the 4-hour chart, Bitcoin peaked at $124,517 before retreating, finding brief support at $112,000 and rejecting recovery at $117,000. Technical indicators show price bars trading below downward-sloping moving averages, confirming a negative outlook. Key supply zones lie at $120,000, $125,000, and $130,000, while demand zones are at $100,000, $95,000, and $90,000. Traders should prepare for continued volatility as Bitcoin remains in a sustained downtrend.
Bearish
The categorization is bearish because Bitcoin has decisively broken below its 21-day and 50-day simple moving averages—key support levels that historically signal trend reversals when breached. The failure at the 61.8% Fibonacci retracement mirrors past breakdowns, such as mid-2022, when a similar loss of moving-average support preceded deeper declines. Price bars trading below downward-sloping averages on the 4-hour chart confirm ongoing selling pressure. Short term, traders may see volatility between the $105,000 and $100,000 zones as buyers attempt to defend support. Long term, unless Bitcoin reclaims and holds above its 21-day SMA, the trend remains tilted downward, keeping the market in a defensive mode until renewed bullish catalysts emerge.