The solana wallet appcryptocurrency market witnessed Bitcoin's upward trajectory losing steam as prices dipped below crucial psychological levels. Market participants observed BTC struggling to maintain positions above $100,500, with subsequent declines testing lower support zones.

• Bitcoin's price action broke below the $100,000 threshold, signaling potential bearish pressure

• Current trading activity remains below both $98,800 and the 100-hour Simple Moving Average

• Technical charts reveal a developing bearish trend line with resistance established at $98,000

• Market structure suggests $95,000 as a critical level that could determine future price direction

Breaking Down Bitcoin's Recent Price Movements

After failing to sustain momentum above $102,500, Bitcoin entered a corrective phase that saw prices retreat through multiple support levels. The downward move gained intensity as BTC sliced through $99,500 and $98,800, eventually testing the 50% Fibonacci retracement level from recent swings.

This retracement measured the pullback from $91,000 lows to $102,500 highs, with the current consolidation occurring near $96,500. The market structure appears to favor sellers at present, with price action maintaining a downward bias during recent trading sessions.

From a technical perspective, Bitcoin currently trades beneath both the $98,800 level and the 100-hour SMA. The immediate resistance zone clusters around $98,000, coinciding with the developing bearish trend line visible on hourly charts.

Potential Scenarios for Bitcoin's Next Move

The cryptocurrency's near-term direction may depend on its ability to reclaim higher levels. Initial resistance appears at $98,000, followed by more significant barriers at $99,500 and the psychological $100,000 mark. A decisive break above these levels could reignite bullish momentum toward $102,500 and potentially $103,500.

Conversely, failure to overcome the $98,000 resistance might trigger another downward leg. Immediate support rests at $96,500, with more substantial buying interest potentially emerging near $95,400. This level represents the 61.8% Fibonacci retracement of the recent upward move.

Additional support zones exist around $93,700, though a breach below $95,000 could signal deeper corrections in the making. Market participants should monitor these levels closely for potential shifts in market structure.

Technical indicators currently reflect bearish conditions:

Hourly MACD - Shows increasing momentum in negative territory

Hourly RSI - Remains below the neutral 50 level, indicating bearish pressure

Key Support Levels - $96,500 followed by $95,000

Key Resistance Levels - $98,000 and $100,000