Bitcoin Struggles Below $109,000, Analyst Warns of Potential Challenges

Analyst and trader Jason Pizzino has issued a cautionary note regarding Bitcoin (BTC), as the leading cryptocurrency hovers just below its all-time high. In a recent strategy session, Pizzino warned his 351,000 YouTube subscribers that Bitcoin is "flirting with danger" after failing to surpass a resistance level situated just below the all-time high price of approximately $109,000.

Pizzino highlighted that the market has reversed and Bitcoin has been unable to close above the 50% level at around $105,000 on the three-day swing chart for the past four days. This range between $94,000 and $105,000 appears to be crucial, as Bitcoin's inability to sustain above this level could indicate potential challenges ahead.

Pizzino identified key support levels below $100,000 that Bitcoin must maintain to preserve its bullish outlook. He emphasized that if Bitcoin falls below the $91,000 to $94,000 range, it could prolong any upward movement and potentially weaken the overall bullish trend. Pizzino believes that if Bitcoin can hold above these support levels throughout May, it could signal a potential opening of the "floodgates" for further gains.

At the time of writing, Bitcoin is trading at $102,274, approximately 6% below the all-time high reached in January. Pizzino's analysis suggests that the cryptocurrency's ability to maintain key support levels will be critical in determining its future price movements. If Bitcoin can sustain above these levels, it may continue its bullish trajectory, but a breakdown below these supports could lead to a more prolonged and potentially weaker upward move.