Bitcoin's Bearish Pressure Builds: Key Levels to Watch

Technical Analysis:

1. Price Movement: Bitcoin (BTC) is trading at $98,312, showing a 2.70% drop over the last 4 hours.
2. Moving Averages:
   • EMA(7) at $98,668.06 (short-term resistance).
   • EMA(25) at $99,574.30 and EMA(99) at $101,225.37, indicating a bearish crossover with prices trading below key EMAs.
3. Support and Resistance:
   • Immediate support at $96,150 (24-hour low).
   • Resistance at $101,732 (24-hour high).
4. Volume: Declining 24-hour trading volume (40,147 BTC), reflecting weakening market momentum.
5. RSI(6): At 45.07, signaling neutral to slightly bearish momentum, with room for potential downside.
6. Candlestick Pattern: Recent red candles with long wicks suggest rejection of higher prices and seller dominance.

Conclusion:

Bitcoin faces bearish pressure as it struggles to reclaim EMA levels. Traders should monitor $96,150 for a potential breakdown or $101,732 for signs of recovery. Caution is advised until a clear trend emerges.