Current price: 100700
Key point: 98500
Our preferred strategy: Buy positions above 98,500 with a first target of 105,000 and then a second target of 111,000.
Alternative scenario: Stop loss and trend reversal upon breaking the 98,000 level, targeting the 90,000 level.
Technical commentary
Bitcoin is moving in a downtrend below the 200-period moving average on the four-hour timeframe, and has reached the pivotal support levels of 98,500-100,000 and above the upward trend line from last year's low.
If the 102500 level is breached, the price will then head towards the 105000 level and then the 111000 level.
If the 98,000 level is broken, Bitcoin will then head towards the 90,000 level.
