Bitcoin Price Breaks $103K Support, Faces 50-Week MA Pressure
Bitcoin price dipped below $103,000 early Tuesday, hitting a low of $102,500 before rebounding to around $103,000, marking a near 3% daily decline. Technical charts highlight the 50-week moving average near $102,000 as a critical support level; a sustained break could open doors to targets of $92,000 or lower. The U.S. House is set to vote to end the government shutdown, potentially stirring market swings. Meanwhile, SoftBank’s sale of Nvidia stock pushed NVDA shares down 3%, weighing on AI and tech sectors. U.S. equities closed mixed: the Dow rose 1.18%, the Nasdaq fell 0.25%, and the S&P 500 rose 0.21%. Leading altcoins also slid, with SOL down 9% and Ethereum slipping 5.5% below $3,500. Traders should watch the 50-week MA test and upcoming political developments for further clues on market direction.
Bearish
The breach below the 50-week moving average and $103K support signals growing technical weakness in Bitcoin price. Historically, similar breaks—such as the dips below key moving averages in early 2023—led to extended sell-offs before stabilizing at lower levels. SoftBank’s decision to liquidate Nvidia shares has intensified risk-off sentiment, driving down AI and tech stocks and spilling over into crypto markets. The upcoming U.S. government shutdown vote adds political uncertainty that could amplify volatility. In the short term, traders may face further downward pressure, while recovery hinges on reclaiming the 50-week MA and positive political outcomes for long-term market stability.