Analyst: Bitcoin's failure to stabilize at $100,000 suppresses market buying pressure, but helps to shake off short-term overbought conditions

ChainCatcher news, according to CoinDesk, FxPro's chief market analyst Alex Kuptsikevich stated, "Bitcoin's failure to stabilize above $100,000 may have suppressed overall market buying. Bitcoin's trading price is below $99,000, with minimal overnight fluctuations. Its inability to rise has negatively impacted altcoins.

We believe that Bitcoin's stagnation is an important price correction that helps the market shake off short-term overbought conditions and rise more reliably. However, based on Fibonacci extension forecasts, the next wave of upward momentum may push the price toward around $120,000."