Bitcoin’s price has experienced a notable decline after reaching a peak of $100,000. Currently, it is trading at approximately $98,868, having previously fallen to $95,678. Despite this drop, the cryptocurrency has shown resilience by remaining above the critical support level of $95,000.

However, technical analysis indicates a bearish trend, as Bitcoin struggles to maintain momentum after a false breakout above the 50-day simple moving average (SMA). Analysts suggest that if Bitcoin can successfully break above the moving average lines, it may reach historical highs of:

• $104,000
• $108,000

Conversely, if the price encounters rejection at the recent high, it could enter a downtrend, trading below the moving averages. Key supply zones are identified at:

• $108,000
• $109,000
• $110,000

Meanwhile, demand zones are located at:

• $90,000
• $80,000
• $70,000

The current trading pattern reveals that Bitcoin is caught between the moving averages, with its next significant movement dependent on breaking through one of these lines.

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