Bitcoin (BTC) is currently holding above the $100,000 support level, but technical indicators coupled with market sentiments suggest there is a likelihood of the asset plunging below this mark over the course of the week.
Bitcoin’s TD Sequential indicator has flashed a sell signal on the hourly chart, hinting at a possible decline toward recent lows around $99,000. A move toward this level could invalidate any push toward the $105,000 resistance, according to an outlook by prominent cryptocurrency analyst Ali Martinez in an X post on January 28.
Bitcoin price analysis chart. Source: TradingView/Ali_charts
It’s worth noting that the TD Sequential is used to identify trend exhaustion and potential reversals. For Bitcoin, a breakout of the indicator suggests that the maiden digital currency is facing selling pressure near the $102,700 mark.
Adding to the cautious outlook, Bitcoin has struggled to break past resistance around $103,400. If selling pressure intensifies, the
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