Bitcoin ($BTC) is again witnessing a decisive juncture in the new market cycle. Hence, the 100-day simple moving average (SMA) of Bitcoin has become a significant technical barrier. As per the data from Ali Charts, Bitcoin ($BTC) is currently testing the respective technical barrier as a level that has recurrently dictated its price action’s direction. So, the traders are closely watching this level and the further price trajectory in the near term.
Bitcoin Faces Massive Resistance at 100-Day SMA Amid Concerns of Triple Top Formation
The 100-day SMA of Bitcoin ($BTC) is currently hindering its upward price movement. Particularly, the flagship cryptocurrency is testing the respective barrier for the 3rd time in 6 months. Back in October last year, rejection at Bitcoin’s SMA led to a sheer 30% correction, decreasing $BTC’s price from the height of $116K to $80K.
Analogously, in January this year, another notable rejection paved the way for a 39% dip, decreasing the leading crypto asset’s price from up to $97K to $59,800. This underscores the substantial pressure of the respective resistance line. At the moment, the 100-day SMA of $BTC is pressing against its price levels around $73,935. Market onlookers caution that a 3rd rejection could ignite a bearish, triple top formation. This pattern often comes before deeper dips.
Make-or-Break Resistance to Dictate Further Path of Bitcoin toward $80K-$84K Range
As per details, Bitcoin ($BTC) could revisit its annual low price mark of $59,800, which serves as a psychological foundation for the traders. Irrespective of the looming risk, bulls are still optimistic about a breakout above Bitcoin’s 100-day. Such a surge would raise the price to the $80K-$84K range. Keeping this in view, the top cryptocurrency is now facing a make-or-break resistance that could result in a spree in either direction.
According to Ali Charts, the institutional Bitcoin ($BTC) investors are keenly watching whether the anticipation of a breakout comes true. The current price level of $BTC displays 1.47% increase over the past 24 hours, while the weekly and monthly trajectories denote 5.79% and 1.14% spikes. For now, some Traders are focusing on downside protection, while others are readying for a notable price momentum.
