🔴 Bitcoin: Short-Term Bearish Outlook
Bitcoin $BTC is currently in a bearish (falling) trend in the short term, driven by sustained selling pressure and extreme fear in the market.
Price Action: BTC has fallen below the key $100,000 psychological barrier and is trading around $94,000 - $97,000, its lowest level since May.
Technical Signals: Technical indicators show a "Strong Sell" signal, with the price struggling below major moving averages (like the 200-period MA near $104,000). The Relative Strength Index (RSI) is low, indicating strong negative momentum.
Market Sentiment: Investor sentiment is highly pessimistic, with the Crypto Fear & Greed Index showing "Extreme Fear." This is exacerbated by negative capital outflows from Bitcoin ETFs and leveraged traders unwinding positions.
The immediate resistance is around $102,000, while the key support level to watch is near $93,368. A sustained recovery requires fresh demand to counter the ongoing selling.#CPIWatch #BTC #ETH
