Bitcoin Analysts Eye Critical Support as Bearish Sentiment Persists
Bitcoin analysts are closely monitoring whether the price can stabilize at current levels or if the ongoing weakness will continue. Market sentiment remains bearish, and technical indicators are signaling sustained selling pressure, despite occasional small bounce attempts.
At the time of writing, Bitcoin is trading slightly above the $95,000 mark, down by more than 1% over the past 24 hours.
SuperTrend Indicator Near Bearish Flip on Weekly Chart
On the weekly chart, the SuperTrend indicator is approaching a significant shift—from bullish to bearish—for the first time in years. One analyst noted that the last time this shift occurred was near the beginning of the 2022 bear market. Therefore, a confirmed weekly close below $96,000 could be interpreted as a negative signal for Bitcoin’s long-term momentum.
Bearish Divergence Remains Active
Another cause for concern is a strong bearish divergence forming between price and the Relative Strength Index (RSI), which has persisted for nearly a month. This divergence typically indicates weakening momentum and lowers the probability of a near-term breakout. As a result, a swift recovery toward new highs is unlikely in the immediate future.
Short-Term Bounce Possible but Not Confirmed
While some indicators suggest short-term oversold conditions that could trigger brief relief rallies, analysts caution that no confirmed bottom is yet in place. Should Bitcoin break below the current support zone, the next major downside target is expected around $85,000 to $86,000.
Key Levels to Watch Moving Forward
If Bitcoin manages to bounce, the most significant resistance lies between $99,000 and $100,000—a level that previously flipped from support to resistance. Until this zone is reclaimed, expectations are for slow, weak, or sideways price movement.
Final Outlook
Bitcoin may remain under downward pressure for several weeks or even months unless it can reclaim major resistance levels. The upcoming weekly close near $95,000 is now regarded as a critical moment that could influence the market’s direction in the near term.
https://bitcoinethereumnews.com/bitcoin/bitcoin-price-news-btc-structure-looks-like-pre-crash-2022-pattern/
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