Bitcoin Faces Bearish Pressure as Price Nears Key Support Levels

Bitcoin (BTC) has declined by 1.62% over the past 24 hours, with the current price hovering around $106,999. Technical indicators suggest a potential test of lower support zones if bullish momentum doesn't return soon.

On the hourly chart, BTC is approaching local support at $106,765. A lack of buying pressure could lead to a further drop toward the $106,500 area, possibly within the next 24 hours. This short-term bearish trend is being closely watched by traders, especially as the broader crypto market shows signs of uncertainty.

Looking at the daily time frame, the key support level stands at $106,827. The closing position of today’s daily bar could determine BTC’s next move. A break below this mark could trigger a sharper decline, potentially pushing the price down toward the $105,000 level. Analysts believe that the energy built up in recent sessions could lead to a swift move if support fails to hold.

From a midterm perspective, Bitcoin recently made a false breakout above the $109,356 resistance level. If the weekly candle closes significantly below that threshold, it may confirm a reversal pattern. In this case, BTC could correct deeper, targeting the $100,000–$105,000 range.

Traders are advised to watch for confirmation signals around these levels. Any decisive move could set the tone for Bitcoin’s next major trend, especially with key technical barriers being tested. Continued weakness might open the door to broader market corrections, while a bounce could offer a short-term relief rally.

As of now, Bitcoin remains under bearish pressure, and price action around the current support levels will be critical for determining its near-term direction.