Bitcoin has now fallen about 26% from its October all-time high, extending the corrective move lower. Last Friday, the price broke decisively below a key technical zone that included the 38.2% retracement at $96,975 and a prior swing area near $98,240. A rising trendline also cuts through that region, adding to its importance as a pivot area for buyers.
If buyers are going to regain control, they need to push the price back above this broken zone and hold it. A sustained move above the $100,000 psychological barrier would further confirm a shift back toward bullish momentum.
In the video above, I walk through the key technical levels shaping the outlook and discuss what would change the bias going forward.
This article was written by Greg Michalowski at investinglive.com.