Bitcoin’s price momentum is displaying notable weakness, threatening the critical $100,000 psychological support level. Analysts warn this deterioration could potentially trigger a downward move toward $95,000 should key defenses falter.
Technical analysis utilizing the Wyckoff Method suggests Bitcoin may be entering a Distribution Phase. This pattern typically precedes a Mark-Down phase that could drive prices toward the $95,000 threshold as selling pressure intensifies.
Market participants are closely monitoring the CME gap near $117,500, a price void that historically influences Bitcoin’s trajectory. Simultaneously, anticipated volatility looms around the upcoming US Consumer Price Index report, which could significantly impact cryptocurrency valuations and broader risk assets.
Analysts have characterized Bitcoin’s recent surge past $122,000 as unconvincing, noting the cryptocurrency has subsequently retreated back into its prior trading range. This failure to hold new highs reinforces the current bearish technical outlook.