BTC and ETH Face Technical Weakness Amid Market Pressure
The cryptocurrency market faced renewed selling pressure as Bitcoin (BTC) dropped below $104,500, while Ethereum (ETH) slid under $3,500, signaling a possible continuation of short-term bearish momentum. Analysts suggest that the break beneath these levels could open the door to deeper corrections if buyers fail to step in.
Bitcoin Loses Grip on $104,500 Support
After several weeks of sideways movement, Bitcoin’s price slipped from the $106,000 region to around $104,500, breaching a crucial demand zone highlighted on daily charts. The move confirms a descending channel pattern, reflecting a sequence of lower highs and lower lows that has persisted since early September.
“BTC is testing critical support near $104,000. A daily close below this area could trigger an extended decline toward $100,000 or even the $98,000 liquidity pocket,” noted one BitXJournal market strategist.
The chart shows volume spikes accompanying the breakdown, suggesting that institutional traders may be reducing exposure. Resistance remains near the $108,000–$112,000 zone, while buyers will look for consolidation above the gray demand area to regain confidence.
Ethereum Slips Below $3,500 Amid Consolidation Breakdown
Ethereum followed a similar path, breaking below its established range support at $3,500. The price has been confined within a broad horizontal channel for over two months, and the latest dip could mark a structural shift in market sentiment.
“ETH has lost the lower bound of its range. Unless it reclaims $3,600 swiftly, the next major support lies near $3,200,” BitXJournal analyst said, emphasizing the importance of volume confirmation on daily timeframes.
The broader crypto sentiment remains cautious as traders await macroeconomic cues and potential catalysts. Both BTC and ETH now sit at technical crossroads, where sustained weakness could invite further downside pressure.
Traders are advised to monitor support retests and watch for signs of accumulation before positioning for recovery.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.