Bitcoin Market Analysis: Bears Seize Momentum Amid Resistance Challenge

Bitcoin (BTC) has undergone an upward move towards the resistance zone ($100,000 - $98,130), aligning with the lower boundary of the ascending channel and the 100 EMA on the 4-hour timeframe. However, the buying side seems to be losing momentum, allowing for potential selling pressure to take control. Perspectives on Elliott Wave Theory Based on the Elliott Wave Theory, Bitcoin appears to be completing wave 4, characterized by a Triple Correction pattern (WXY). This corrective structure indicates market hesitation, often leading to the possibility of a retracement before continuing the main trend. Volume analysis An important observation is the lack of significant trading volume accompanying recent price fluctuations. The candles have brought Bitcoin into a resistance area lacking convincing strength, indicating potential weakness in the upward momentum. Support level to watch Immediate support zone: $95,890-$95,540 Bitcoin may have the potential to return to this range, acting as an immediate defensive line against further decline. Secondary support area: $95,000-$90,870 If the initial support level fails, expect the price to test this lower area. The SMA 50 (Daily) line is linked to this area, reinforcing its significance. Additionally, this move may narrow the CME gap between $94,435-$93,935, a historically influential factor in Bitcoin's price fluctuations. Main scenarios Case of price reduction If Bitcoin breaks the $95,540 level, the bearish side may strengthen selling, targeting the secondary support area. Breaking below this level could cause a deeper downtrend, breaking the wider ascending channel structure. In case of price increase On the other hand, if Bitcoin can overcome the psychological threshold of $100,000, we can predict that the upward trend will continue, possibly pushing the price to new highs. Important note ⚠️ Risk Warning: Cryptocurrency trading is inherently volatile. Always do thorough research and trade responsibly. ⚠️ Follow resistance level: A decisive breakthrough above $100,000 may signal significant upward momentum. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)