Bitcoin Reverses off Previous Support Turned ResistanceBitcoin / U.S. DollarFOREXCOM:BTCUSDFOREXcomBitcoin’s recent decline has brought price action back toward the crucial $100,000 psychological and horizontal support zone, an area that has held firm multiple times since May. The daily chart shows that price briefly dipped below this level but quickly recovered, forming a potential short-term base. The 50-day SMA (blue) has turned lower and now sits above current price, suggesting weakening medium-term momentum, while the 200-day SMA (red) continues to act as dynamic support near $103,900. A sustained close below the latter could shift the broader structure toward a more prolonged consolidation phase. From a momentum standpoint, the MACD remains below the signal line and in negative territory, reflecting persistent bearish pressure, although histogram bars are showing early signs of contraction. The RSI is currently near 38, hovering just above oversold conditions, indicating that sellers may be losing strength in the short term. Overall, Bitcoin remains in a neutral-to-bearish phase, trading between $100,000 support and $107,300 resistance. A decisive breakout beyond either boundary could define the next directional move. -MW