The Bitcoin price is still trading above $100,000 and remains quite close to its all-time high levels of $111,900. However, this has done nothing to dissuade the bearish sentiment that continues to ravage the crypto market. Altcoins, in particular, have suffered the most, with seemingly no end in sight to the decline. Given the current market sentiment, a crypto analyst has given the reason behind the Bitcoin price bearishness, despite still being above $100,000.
Why The Bitcoin Price Is Still Bearish
In an analysis, crypto analyst Anup Ziddi pointed out the reason that the Bitcoin price might continue to see bearish tendencies from here. The first is the fact that the leading cryptocurrency by market cap continues to trade below an important level, which is sitting at $107,000.
So far, $107,000 has become an important level, having served as resistance in Bitcoin’s most recent bid for new all-time highs. Following the price decline, it has once again turned into resistance, and the bulls have been unable to clear this level to resume this uptrend. Given this, $107,000 has now become the level to beat if the price is going to continue upward.
According to the crypto analyst, the Bitcoin price is still fairly bearish as long as it stays below this level. The longer it trades below $107,000, the higher the possibilities for further crashes from here. The first target is the $103,500 level, which has already been tested earlier in the week. Then, after this, $102,500 swims into view, with $100,000 sitting as the final target before major support is reached.
In addition to the Bitcoin price trading below such an important psychological level, the crypto analyst also points to worsening geopolitical situations as a catalyst for a decline. This has been seen as the Bitcoin price has tumbled following Donald Trump’s renewed tariff wars, sending the financial markets into turmoil.
Pushing BTC Further Down
Another analyst has also called out the bearishness surrounding the Bitcoin price and expects the asset to dip much further. The analyst points out things like liquidity sweeps, fair value gaps, and market structure as the reasons behind the market decline.
The analyst explained that the rise above all-time highs was not a real breakout, calling it a stop hunt. Additionally, the fair value gap is sitting at $105,600 and $106,000, and since the Bitcoin price has been unable to reclaim this level, it increases the likelihood of further pullback.
Last but not least is the breakdown that brought the Bitcoin price back toward $104,300, which the analyst believes is the first sign of bearish continuation. “If price trades back into that imbalance and shows rejection, I’m expecting continuation lower, with targets at $104,300 and ultimately down to $103,600,” the analyst said.
Featured image from Dall.E, chart from TradingView.com
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