Bitcoin (BTC) Faces Resistance—3 Indicators Suggest a $99K Correction Is Approaching

Bitcoin (BTC) is said to have turned bearish, with analysts predicting a drop below the $225,000 mark. They point to three key reasons for this potential decline: diminishing momentum, uncertainties in the macroeconomic landscape, and a decrease in daily active addresses. Over the last ten days, Bitcoin has been fluctuating within a narrow range, staying between $225,000 and $210,400. Our market analysis shows that the asset has surged by 833% over the past 34.2 hours, currently priced at $2,105,000. Interestingly, analysts suggest that a correction may occur, potentially dropping the asset’s value to $230,000. To back up this analysis, three reasons were mentioned. Diminishing Strength. The Bitcoin technical chart indicates a pattern of lower highs, suggesting a decrease in momentum. Analysts indicate that Bitcoin’s Relative Strength Index (RSI) has entered the overbought zone, exceeding the 70 mark. Most importantly, the price is moving towards the upper boundary set for December 2024 and February 2025, indicating a potential decline. Additionally, let’s examine other indicators. According to the Auction Market Theory, it appears that Bitcoin may continue to decline until it reaches support at the $93,000 mark, coinciding with a decrease in the number of active addresses.