Trader Eugene: Bitcoin Has Fallen Below the Bull-Bear Boundary, $100,000 Will Become the New Resistance Level
According to ChainCatcher, trader Eugene Ng Ah Sio stated on his personal channel that there are two main reasons why bitcoin has fallen below $100,000. First, the last line of defense for bulls to maintain the bull market structure in this cycle has been breached, as the 50-week moving average trend has officially been broken for the first time since 2022. Second, $100,000 is a very strong psychological barrier, which had been held 3 or 4 times before, but this time it was finally lost. Going forward, it will become a new resistance level for upward movement.
Therefore, Eugene said he will not bottom fish at the moment and will regard $90,000 as the next area to watch.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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