Bitcoin Battles at $99,500 as Bears and Weak Whale Sentiment Loom

Bitcoin Faces Resistance at $99,500 as Bearish Pressure and Weak Whale Sentiment Suggest Possible Consolidation Ahead Bitcoin (BTC) is facing resistance at the $99,500 level, with bearish pressure and weak whale sentiment suggesting a potential period of consolidation. According to analysts, the cryptocurrency has been struggling to break above this resistance, which has been a significant support level in the past. The current price of Bitcoin is hovering around $98,000, slightly below the $99,500 resistance level. Analysts have noted that when Bitcoin remains below the withdrawal price for an extended duration, it often leads to apprehension among investors, resulting in increased selling pressure and potential further declines in price. Historically, this transaction price has served as a robust support level for Bitcoin. However, breaking below this support level does not necessarily herald a bear market or continued downtrend, as Bitcoin has a notable tendency to rebound to this benchmark swiftly. Currently, over 2.6 million BTC are in a state of unrealized losses, which could amplify the chances of additional downward movement if the price stays below the 2025 average withdrawal price for an extended period. The longer the price remains below this level, the higher the likelihood of further decline. In addition to the bearish pressure and weak whale sentiment, the Directional Movement Index (DMI) for Bitcoin indicates increasing bearish momentum. The ADX, a component of the DMI that quantifies trend strength, has dropped to 25.8, down from 35.8 just three days ago. This decline suggests that the strength of the prevailing trend is weakening, and Bitcoin's recent price movement is losing momentum. Alongside this, the +DI has dropped from 22.5 to 16.7 over the past two days, reflecting fading bullish momentum, while the -DI has increased from 25.8 to 27.9, signaling growing bearish pressure. With -DI now firmly above +DI, the market is tilting in favor of sellers, making the Bitcoin recovery attempt more difficult. If this trend persists and ADX remains above 25, BTC could continue facing downward pressure. Despite the short-term increase in the number of BTC whales, the overall number of whales is still struggling to recover from the sharp decline between January 20 and January 23, when it dropped from