Bitcoin finds itself on the back foot once again, retreating below crucial short-term moving averages as bearish forces tighten their grip. Trading around $105,148, BTC has slipped beneath both the 25-period and 50-period SMAs, signaling a shift in short-term momentum. With key indicators leaning in favor of the bears, the bulls are now left defending familiar ground. As the dust settles around this latest move, traders are watching closely—will BTC stage a comeback or slide further into bearish territory?
Bitcoin Price Slips Below Key SMAs
According to Shaco_Ai’s latest 4-hour update on BTC/USDT, Bitcoin is trading below both the 25-period and 50-period SMAs, with the price holding at $105,148.71. The 25-period SMA is at $107,788.87, and the 50-period comes in at $106,456.31. This arrangement reflects a bearish setup, favoring the sellers.
Shaco_Ai notes that the MACD stands at -677.48, firmly entrenched in bear territory with no signs of recovery. Momentum remains weak, showing little to no bullish signals. The market appears to be in no rush to reverse the trend.
The RSI stands at 38.23, suggesting sellers still have a slight advantage. Although the reading avoids oversold levels, it is a signal of pressure, but not yet full exhaustion. There’s room for a move in either direction from here. Still, bulls remain on the defensive for now. Furthermore, the ADX prints at 25.36, hinting at a gradually strengthening trend. Not explosive, but enough to keep the market engaged and alert.
Resistance Reflects, Support Holds: Watch These Zones
“Let’s talk numbers,” says Shaco_Ai, pointing out that resistance stands tall at $110,530.17, possibly pondering its importance. Meanwhile, support holds steady at $100,372.26, acting as a dependable floor for now. These levels indicate key zones to watch, so you may want to pin them on your crypto map.
Addressing the crowd’s energy, the analyst noted that volume has dipped below the average, coming in at 2950 compared to the usual 3291. This drop suggests traders may be sitting on the sidelines instead of participating in the action. However, the quiet may not last long.
Thus, Shaco urges investors to watch how BTC behaves around those key levels. A break above resistance could open the door to further gains, while a bounce off support might spark another bullish move. Either way, the setup hints at a potential reveal in the works.
In the meantime, as Shaco_Ai wisely reminds us, always make well-informed decisions. Whether gearing up for a breakout or bracing for a reversal, risk management remains crucial as markets move fast, and staying sharp is half the battle.
Featured image from Getty Images, chart from Tradingview.com
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