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Bitcoin Price Pulls Back Again: Key Support Levels to Watch

Bitcoin price started another decline from the $102,500 zone. BTC is trimming gains and struggling to stay above the $96,500 support zone. Bitcoin started a fresh decline below the $100,000 level. The price is trading below $99,500 and the 100 hourly Simple moving average. There is a new connecting bearish trend line forming with resistance at $99,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $95,500 zone. Bitcoin Price Dips Below $100,000 Bitcoin price failed to continue higher above the $102,500 zone . It started another decline below the $100,000 zone. BTC gained bearish momentum for a move below the $98,500 and $97,500 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $91,000 swing low to the $102,500 high. The price even tested the $96,500 support zone and is currently consolidating losses . There is also a new connecting bearish trend line forming with resistance at $99,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $98,000 level. The first key resistance is near the $99,000 level. The next key resistance could be $100,000. A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $103,500 level. More Losses In BTC? If Bitcoin fails to rise above the $99,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,500 level. The first major support is near the $95,500 level or the 61.8% Fib retracement level of the upward move from the $91,000 swing low to the $102,500 high. The next support is now near the $93,750 zone. Any more losses might send the price toward the $95,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $96,500, followed by $95,500. Major Resistance Levels – $99,000 and $100,000. BitcoinSistemi

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Bitcoin Struggles To Hold $100,000 As China Strikes Back With US Import Tariffs – More Downside For BTC?

Bitcoin (BTC) enjoyed a brief sigh of relief yesterday as the US delayed its proposed 25% trade tariffs on Mexico and Canada by a month. However, the US proceeded with its 10% tariffs on China, prompting retaliatory measures from Beijing. The escalation has pushed BTC back below the critical $100,000 price level. Bitcoin Suffers Amid Trade Wars After a volatile 24 hours filled with uncertainty surrounding US trade tariffs on Mexico and Canada, BTC experienced a short-lived relief rally to $102,000. This came after US President Donald Trump announced a 30-day delay in imposing tariffs on the two North American nations. Related Reading: Bitcoin Indicator Shows Market Far From Overheating – Details However, today’s implementation of US tariffs on China triggered a sharp downturn, causing BTC to break below the $100,000 level. In response, China’s Ministry of Finance announced new countermeasures. Starting February 10, China will impose an additional 15% tariff on coal and liquefied natural gas, along with a 10% tariff on agricultural equipment, crude oil, and certain vehicles. Additionally, Beijing has accused the US of violating World Trade Organization (WTO) regulations with its one-sided tariff policies. The Chinese Ministry of Commerce also stated that it would tighten export controls on key raw materials, including molybdenum, indium, bismuth, tellurium, and tungsten, citing national security concerns. With trade tensions escalating between the US and China, analysts predict heightened volatility in the crypto market in the coming days. Well-known crypto strategist Michael van de Poppe shared his outlook: Bitcoin bounced back swiftly and is currently acting within the range. I assume we’ll see new ATHs in February and it’s quite normal to correct after such a strong bounce. Volatility through the roof, but, as long as Bitcoin remains above $93K, a new ATH is likely. Meanwhile, crypto trader and investor Phoenix suggested that BTC could establish a new trading range amid the ongoing trade war. However, history suggests that heightened tariffs could spell trouble for cryptocurrencies. Web3 enthusiast merts.eth pointed out in an X post that BTC plummeted 65% in 2018 when Trump first initiated a trade war with China. The effects were not limited to digital assets, as the S&P 500 also dropped 12% in the weeks following the implementation of tariffs. More Downside For BTC? As Bitcoin struggles to hold the $100,000 price level, concerns are mounting about another potential breakdown in price. Crypto analyst Ali Martinez recently pointed out that if BTC fails to hold the $97,190 support level, there could be more pain for the top digital asset. Related Reading: Bitcoin Price Must Hold Above $97K To Sustain Momentum – Metrics The analyst made another observation about how BTC is currently trading in a bearish flag pattern. At press time, BTC trades at $99,961, up 1% in the past 24 hours. Featured image from Unsplash, charts from X and TradingView.com BitcoinSistemi