Bitcoin Faces Potential Correction to $85,000 as BTC Struggles to Overcome $100,000 Resistance

Bitcoin's Market Struggles

Bitcoin has hit a snag as it tries to breach the challenging $100,000 resistance level. Recent analysis indicates a potential correction down to $85,000 due to bearish signals from technical indicators like the TD Sequential on the 12-hour chart.

Technical Analysis Insights

• The asset has faced selling pressure, signaling a possible plunge below the $90,000 mark.
• Key Fibonacci retracement levels project potential downside targets of $91,583 and $85,610.
• However, a rally past $100,535 could invalidate bearish indicators.

Short-Term Market Sentiment

Experts like Scott Melker have observed a significant bearish divergence, signaling a potential local top for Bitcoin. He suggests key pullback zones around the low $90,000 range to high $80,000 range.

Long-Term Outlook

• Despite short-term corrections, some analysts predict bullish trends for Bitcoin, targeting as high as $150,000.
• Caleb Franzen anticipates that Bitcoin may reach $175,000 by 2025 based on positive market trends.

As market sentiment evolves, Bitcoin must maintain its value above the $97,000 resistance to prevent further corrections and uphold bullish prospects.