Bitcoin’s price has shown signs of slowing down this week after failing to break the $94,000 resistance level last week, leaving buyers unable to make significant progress. The price closed at $88,170 on Sunday, and bears are expected to attempt to break the $84,000 support this week, potentially pushing the price toward the $70,000 mark. While bulls will try to defend this level, their success is uncertain. Currently, the $84,000 support is under pressure, and although bulls may show some resistance around $85,000, substantial buying will be required. Strong support is anticipated between $72,000 and $68,000, which may initially halt the price decline. Further support exists near the $57,000 Fibonacci retracement level, where bulls might try to stabilize the market.
On the upside, a strong resistance zone extends from $94,000 to $118,000. Should bulls manage to surpass $94,000, the next target could be $101,000, although selling pressure may increase above $97,000. Reaching $107,000 appears challenging, and moving toward $118,000 would require significant buying momentum. The recent red weekly candle is concerning for buyers, indicating bears may regain selling strength after a brief respite. This week, bears will likely focus on breaking the $84,000 support, while bulls may attempt to hold prices between $85,000 and $87,000. A drop below $84,000 could see the price fall below $75,000, approaching $70,000.
In the near term, the $72,000 to $68,000 zone is expected to be tested, potentially offering a recovery point and signaling a possible exit from the bearish trend. However, according to the four-year market cycle, prices might decline further around 2026. Currently, bears dominate the Bitcoin market, and the downward trend suggests investors should exercise caution.
Source: bitcoinmagazine
