{"id":37433,"date":"2025-01-20T16:00:10","date_gmt":"2025-01-20T16:00:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=37433"},"modified":"2025-01-20T16:00:10","modified_gmt":"2025-01-20T16:00:10","slug":"analyst-says-bitcoin-price-could-retest-substantially-below-100000-if-this-level-fails-2","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=37433","title":{"rendered":"Analyst Says Bitcoin Price Could Retest Substantially Below $100,000 If This Level Fails"},"content":{"rendered":"

Bitcoin\u2019s recent rise above $100,000 has kept the market on edge as bullish momentum attempts to establish a new liquidity zone beyond this milestone.<\/a> This push has introduced significant volatility over the past 24 hours, with Bitcoin fluctuating between $99,701 and $106,307 during this period.<\/p>\n

This intense volatility has<\/a> allowed Bitcoin to achieve a daily close above a key confluent resistance level that had capped its price action for the past month. Despite this progress, Bitcoin continues to test the $106,000 upper boundary, and a decisive rejection at this level could trigger a downturn, potentially driving the price as low as $91,000.<\/p>\n

Bitcoin Successfully Closes Above Confluent Resistance<\/strong><\/h2>\n

According to technical analysis from<\/a> crypto analyst Rekt Capital, Bitcoin has managed a daily close above a significant confluent resistance level. This was noted in a technical analysis of the Bitcoin daily candlestick price action posted on social media platform X and emphasizes a key event in Bitcoin\u2019s rally. The confluent resistance in question is defined by two critical elements: a horizontal resistance trendline at $101,165 and a descending trendline, which has been consistently marking lower highs since Bitcoin reached its all-time high of $108,135 on December 18, 2024.<\/p>\n

Since breaking out of this confluence area, Bitcoin has managed to push towards $106,000<\/a>, but candlestick formations are starting to reveal a slowdown in momentum. Particularly, Bitcoin has created a hammer candlestick and a doji candlestick in successive days, both of which are traditionally associated with a slowdown in momentum or potential market indecision. This suggests that the bullish momentum might be waning as quickly and opens up the possibility of a downward move to retest the confluence area it just broke out from.<\/p>\n

BTC Needs To Hold Above This Level<\/h2>\n

Maintaining a position above the breakout confluence area is crucial for determining Bitcoin\u2019s next move. As Rekt Capital highlighted, a sustained rejection at the $106,000 level could cause a downward movement to retest the confluence area, which is highlighted with the green circle in the chart above.<\/p>\n

If Bitcoin does retest this zone, two potential scenarios could unfold. The first, and more bullish outcome, would involve a successful retest followed by a rebound at the confluence area. This behavior is characteristic of post-breakout price action, where a pullback strengthens the new support and allows the price to gather momentum for another leg upward.<\/a><\/p>\n

Conversely, the second scenario is more bearish. If Bitcoin fails to hold above the confluence support, the cryptocurrency could face increased selling pressure and trigger a deeper correction.<\/a><\/p>\n

According to Rekt Capital\u2019s analysis, the next significant support levels to watch are $91,070 and $87,325. A decline to these levels would represent a substantial pullback and might reset market expectations for the short term.<\/p>\n

Bitcoin is currently trading at $106,100.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s recent rise above $100,000 has kept the market on edge as bullish momentum attempts to establish a new liquidity zone beyond this milestone. This push has introduced significant volatility over the past 24 hours, with Bitcoin fluctuating between $99,701 and $106,307 during this period. This intense volatility has allowed Bitcoin to achieve a daily […]<\/p>\n","protected":false},"author":0,"featured_media":37434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-37433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/37433"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37433"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/37433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/37434"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}