Bitcoin Bears’ ‘Last Dance’? $94K Support in the Spotlight

Bitcoin is trading at $103,400 at press time, with a 24-hour trading volume of roughly $74.5 billion. The asset has remained relatively flat on a daily scale after a minor decline and subsequent recovery, and is down slightly for the week.

Analysts are watching several key technical levels, as the current market structure suggests that Bitcoin may be nearing an important support zone.

66-Week EMA and $94K Level in Focus

EGRAG CRYPTO shared an updated long-term chart showing Bitcoin’s price approaching the 66-week exponential moving average (EMA), currently aligning near the $94,000 zone. This level also coincides with an unfilled CME futures gap.

In past cycles, BTC has often touched or moved slightly below this EMA before beginning major rallies. Referring to a possible drop toward the CME gap before a reversal, EGRAG said,

He has been tracking this setup since September 30, calling the 66W EMA a key reference point. According to their view, this could mark the end of the current bearish phase and the start of the next strong move upward.

In addition, Ash Crypto noted that a death cross may form soon, as the 50-day simple moving average (SMA) is nearing a crossover below the 200-day SMA. Historically, previous death crosses have been followed by local bottoms within days, often leading to strong rallies. Bitcoin is now sitting just below both averages. If the pattern repeats, this could mark another local bottom.

Bitcoin Stalls at Key Levels

Analyst Ali Martinez shared a separate chart suggesting Bitcoin could be forming a head-and-shoulders pattern. The neckline support is near $100,000. A move up toward $112,000 could complete the right shoulder, followed by a potential breakdown.

If the neckline breaks, the projected move could reach $83,000. However, the right shoulder is still forming, and no breakdown has occurred.

According to CRYPTOWZRD, Bitcoin’s daily chart closed slightly bearish. The current range sits between $100,000 and $107,200. A move above $104,300 could open the way to the upper band of that range, while a rejection could send the price toward $100,000 or lower.

Volatility has increased during the US trading session, with little clear direction in the short term. Miner hash rate momentum remains strong, and whale inflows have slowed, indicating that heavy selling may have cooled. Still, many traders are staying cautious until the price breaks clearly out of the current zone.

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