The tariff war between the U.S. and other countries had caused a bloodbath within the crypto markets. The Bitcoin price, which sustained above $102K, dropped below $91,500 in no time as the fear & panic among the traders intensified. However, the paused tariffs eased the upward pressure over Bitcoin and the other altcoins for only a short timeframe as the bearish activity has again intensified. The BTC price is trying very hard to hold above the crucial support range of around $99,000, which could help the bulls push the levels above $100K quickly.
While the bullish possibility has briefly surfaced, the fractals remain negative, which raises concern over the next price action. Although the BTC price has displayed some strength, the spot volume is relatively low. Besides, the volatility and the open interest, both are low, as the retail traders got thrashed during the recent sell-off, while big players or the market makers are making a big move.
However, the BTC price has closed the recently formed CME gap by revisiting $100K, which suggests a bigger move is on the horizon.
The long-term price action of Bitcoin appears to be scary, as the price is preparing for a significant pullback. The MACD and the Bull Market Support Band, both are close to validating a bearish crossover. This suggests a momental shift from a bullish to a bearish trend, which could drag the levels as low as $86,000. Meanwhile, the monthly RSI remains stuck close to the upper threshold and is trying hard to validate a bullish divergence.
With this, the possibility of a bullish continuation persists as long as the Bitcoin (BTC) price holds within the critical demand zone between $96,475 and $99,360. With this, the chances of rising above $100K emerge, which could be sustained if the supply wall between $102,350 and $103,900 breaks. Therefore, the price action until the weekly close can be considered extremely important and may shed light on the next price action.
