Bitcoin ($BTC) is at a crucial turning point! Over the past six months, BTC has tested the 100-day simple moving average (SMA) as a resistance level for the third time. Last October, Bitcoin was rejected at this moving average, leading to a price drop of 30% from $116,000 to $80,000. Similarly, in January this year, another significant rejection caused Bitcoin's price to fall by 39%, from $97,000 to $59,800. This highlights the immense pressure of this resistance line. Currently, the $BTC 100-day SMA is exerting pressure on its price level, which is around $73,935. Market observers warn that a third rejection could trigger a bearish triple top pattern, which typically signals a deeper correction. The resistance at the 100-day moving average will determine whether Bitcoin can advance towards the $80,000 to $84,000 range.
