- Bitcoin’s failure to maintain its 300-day moving average marks a shift in long-term trend behavior that traders are watching closely across markets.
- Technical clusters around the $93k–$97k region form a decisive support zone where multiple indicators converge, shaping current expectations for price direction.
- Claims of rapid multi-billion-dollar selling sparked debate as market activity increased, while on-chain metrics suggest continued strength in long-term demand trends.
Bitcoin trades at $97,184 today after a sharp daily drop, adding pressure to a market already reacting to technical weakness and heavy selling claims. Traders are watching support zones closely as volatility rises across the broader crypto market this week.
Technical Pressure Around the 300-Day Moving Average
Bitcoin analysts noted that the price failed to remain above the 300-day moving average for the first time in the current cycle. The move drew attention after analyst Mags pointed out repeated recoveries above this level during earlier phases.
Those earlier moves often created quick shakeouts followed by strong rebounds. Recent action shows a change in behavior, as the latest attempt to reclaim the moving average met firm rejection.
The red box zone on the shared chart marked where price briefly recovered but then dropped again. Market watchers see this shift as a sign of reduced bullish strength near a long-observed support area.
Now traders are evaluating whether current selling pressure introduces a deeper corrective phase if buyers fail to take control soon.
Support Cluster Around Key Fibonacci Levels
Another shared chart detailed Bitcoin’s position near the 50% retracement at around $97,000, resting slightly above the 61.8% level near $93,000. Multiple tools converge in this region, including the EMA ribbon, the point of control, and the value area low.
This creates a dense support cluster that traders are watching closely.Market structure shows a break to the upside followed by a weak high, which suggests exhaustion after the recent failure to hold elevated levels.
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Trend readings across several timeframes show broad bearish pressure that continues to weigh on short-term action. Even so, long-position setups remain in view, targeting the $129,000 to $137,000 range if the current support holds.
Liquidity pockets below $92,000 reflect an area where sellers may drive price if this support breaks.
Concerns Around Selling Activity and Market Demand
Market focus intensified after a post from 0xNobler claimed heavy selling from major entities. The message referenced BlackRock, Binance, and Grayscale, with more than $2.5 billion reportedly sold in under an hour.
Past cycles saw both lines peak together, and current readings suggest room for further growth if activity expands.
