Trader Eugene: Bitcoin has fallen below the bull-bear line, and $100,000 will become the new resistance level for the upward trend

Trader Eugene Ng Ah Sio posted on his personal channel that Bitcoin's drop below $100,000 is mainly due to two reasons. First, the bulls in this cycle are maintaining the last line of defense for the bullish structure, and the 50-week moving average trend has officially been broken, marking the first occurrence since 2022. Second, $100,000 is a very strong psychological barrier, which has been defended 3 or 4 times before, but this time it has finally been breached, and it will now become a new resistance level for upward movement.

Therefore, Eugene stated that he will not attempt to buy the dip at the moment and will consider $90,000 as the next range worth paying attention to.