Bitcoin Avoids Breakdown, For Now — But Still Not Safe Until Price Gains 12%

Bitcoin recently bounced near $103,700 after briefly dipping to $98,900, narrowly escaping a deeper breakdown. However, the market remains fragile due to several bearish signals. Technically, a potential bearish crossover between the 20-day and 200-day Exponential Moving Averages (EMAs) is forming, similar to one that preceded a 10% drop in November. Furthermore, the Chaikin Money Flow (CMF) remains negative, indicating weak capital inflows, and long-term holders (hodlers) are still selling, as shown by the negative Hodler Net Position Change.

For Bitcoin to confirm a true recovery and shift from caution to confidence, it must climb approximately 12% from current levels to break above the critical $116,500 resistance, which would invalidate an ongoing head and shoulders pattern. If the price fails to hold above $103,000 and drops below $98,900, it risks a neckline breakdown targeting $83,100.

(Source：BeInCrypto)