Bitcoin Dips Below $100K Again—Key Support and Resistance Levels to Watch

Bitcoin's price has once again fallen below the critical $100,000 mark, struggling to gain bullish momentum. After failing to sustain above $102,500, BTC faced renewed selling pressure, dropping to a low of $96,500. The bears remain in control, testing crucial support levels that could determine the next big move.

Key Levels & Market Outlook

Current Price: Below $99,500 and the 100-hour SMA

Immediate Resistance: $98,000, followed by $99,000

Major Resistance: $100,000 (psychological level) & $102,500

Immediate Support: $96,500

Major Support: $95,500 (61.8% Fib retracement of $91K to $102.5K move)

Technical Breakdown

Hourly Trend: A bearish trend line has formed, with resistance at $99,000 on the BTC/USD chart.

Showing bearish momentum but still in the positive zone.

RSI: Below 50, signaling bearish control.

Possible Scenarios

Bullish Case: If BTC can break above $99,000 and close above $100,000, it may target $102,500 and potentially $103,500.

Bearish Case: A failure to hold $96,500 could trigger further losses towards $95,500, with the next major support at $93,750.

With Bitcoin at a critical juncture, traders should keep an eye on these key levels. A decisive move above or below these marks will set the tone for the next major trend.