Bitcoin Nears Death Cross, Eyes $100K Support Amid Consolidation
Bitcoin has traded in a tight range between $103,000 support and $108,900 resistance over the past week, with short-term EMAs converging and volume weakening. Market indecision persists as RSI stays neutral. Now the 23-day moving average is closing in on a potential death cross with the 50-day MA. A decisive break below $100,000 could trigger downward momentum, potentially testing the 200-day MA near $95,868. Failure to hold $99,000 on a daily close may accelerate selling, driven by macroeconomic uncertainty and shifting ETF flows. Traders should watch these technical levels closely for the next directional signal.
Bearish
The convergence of short-term EMAs and the looming death cross signal increasing bearish pressure on Bitcoin. Weakening volume and a neutral RSI reflect market indecision, while a breach of key support levels at $100,000 and $99,000 would likely accelerate selling and push price toward the 200-day MA near $95,868. Macro uncertainty and ETF flow shifts add to downside risks, suggesting a negative impact on near-term trading sentiment, although longer-term outlook will depend on whether BTC can reclaim critical moving averages.