Trader Eugene: Bitcoin has fallen below the bull-bear dividing line; $100,000 will become the new resistance level for further gains.

Trader Eugene Ng Ah Sio posted on his personal channel that Bitcoin's breach of the $100,000 mark was primarily due to two reasons. First, the 50-week moving average, the last line of defense for the bullish structure in this cycle, has now been officially broken, marking the first time this has happened in 22 years. Second, $100,000 is a very strong psychological level, having been breached 3 or 4 times previously; its breach this time will now become a new resistance level for further upward movement. Therefore, Eugene stated that he will not attempt to buy the dip at this time and will instead consider $90,000 as the next level to watch.