As Bitcoin’s greed and fear index entered 55, the price turned weak and lost buzz after recently creating a new high. Its bullish trajectory remains intact daily as it trades well above the psychological $100k level. A week ago, Bitcoin reached a historical price level again, printing a new high at exactly $109,588 (on Binance) after rebounding from just under $90k within a week. The breakout didn’t last much due to bearish interception and the buying pressure halted. However, it appeared to have reached an overbought condition again and is now selling on a daily scale, indicating a weakness in buying. Still, the overall market outlook remains strongly bullish on the macro level. Following the latest market supply over the past few hours, the price is now charging at the $100k level. A drop below this psychological level could cause serious bleeding for the rest of this week. Reaching an extreme oversold condition could bring us back to the rising trendline for support before resuming bullish. But looking at the current market structure, Bitcoin’s long-term bullish trend is slowly reaching an exhaustion point. Though there’s still room for an increase if demand increases. It currently holds 58.2% of the entire crypto market shares. BTC’s Key Levels To Watch Source: Tradingview Bitcoin currently aims at the $99,500. The closest support below this price level is $95,940. If Bitcoin drops off these levels, the next support level to consider for a test is $91,000 in the near term. A hold above the $100k level could bring back buying pressure in the market. If that happens, it must retake $105,000 along with the $109,588 resistance level before printing a new high. Key Resistance Levels: $105,000, $109,588, $112,000 Key Support Levels: $99,550, $ 95,940, $91,000 Spot Price: $101,073 Trend: Bearish Volatility: Moderate Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: starush/ 123RF // Image Effects by Colorcinch
