- Bitcoin slid sharply through the $100,000 level, signaling weakening momentum and growing technical damage.
- With a potential death cross emerging and support near $92,000 at risk, sentiment remains subdued amid fading ETF-driven interest.
Bitcoin fell pretty significantly during the trading session on Friday to blow through the remnants of the $100,000 level. The $100,000 level of course, is a large, round, psychologically significant figure that a lot of people will be paying close attention to. So with that being the case, it does suggest that the market is falling apart.
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If the market were to turn around and recapture the $100,000 level, that would be a very bullish sign. But really, at this point, I think the market has shown it just does not have anything along the time of a bullish run coming up. Short-term rallies, I think it faded, but we'll just have to wait and see.
The 50-day EMA looks as if it is getting ready to break down below the 200-day EMA, $108,000 level. That is a sign as well due to the fact that it is the well-known death cross, which is a longer-term short signal. If we break down below the $92,000 level, the bottom falls out in Bitcoin, and we go looking to perhaps even as low as $80,000.
Bitcoin has looked pretty miserable for several months now, and I just don't see any end in sight. That's not to say that Bitcoin is going to zero; I just think a lot of the shine has worn off of this market. Now that anybody who wanted to buy the ETF would have already done so. So really, at this point, it's likely that we're just seeing a lack of interest.
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