Bitcoin Price Weakens: Is a Drop to $98,500 Coming?

Bitcoin is currently trading at $103,630, showing signs of weakness after failing to break through key resistance levels. 

BTC Chart (Source Coingecko)

The market appears to be entering a corrective phase, and technical indicators support the possibility of a deeper pullback.

Technical Overview

• Price Below EMA50 (4H Timeframe):
  On the 4-hour chart, BTC continues to trade below the 50-period Exponential Moving Average (EMA50) — a bearish sign suggesting that sellers remain in control in the short term.

• RSI Neutral:
  The Relative Strength Index (RSI) remains in neutral territory, indicating a lack of strong momentum in either direction. This suggests that price action could continue to drift or correct further.

• MACD Negative:
  The MACD (Moving Average Convergence Divergence) stays negative, confirming bearish sentiment and downside pressure.

Expected Pullback Toward $98,500

With no strong bullish momentum and price action failing to reclaim the EMA50, Bitcoin is likely to retest the $98,500 support level. 

This area has previously acted as a strong base and could again draw buying interest.

Conclusion

Bitcoin is currently in a cooling-off overbought conditions, and technical signals point toward a potential dip to $98,500. 

Traders should closely monitor this key support level for signs of a bounce or breakdown.

Stay cautious — a bigger move may be just around the corner.

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