Bitcoin's facing some serious headwinds right now, and there are multiple factors lining up at the same resistance zone.

First off, we had that support/resistance level that broke down back around October 10th—that was a rough day for the market. Now we're testing resistance in roughly that same area again.

But here's where it gets interesting: both the 200-day and 300-day moving averages are converging right around this price level. When you've got two major long-term MAs coming together like this, it creates a pretty significant technical barrier.

On top of that, we're still wrestling with the $100k psychological level. That round number tends to act as a mental checkpoint for a lot of traders.

So you're looking at a confluence of technical factors—support/resistance overlap, converging moving averages, and a key psychological price point all stacking up at once. That's the kind of setup where Bitcoin tends to consolidate or pull back before potentially breaking through. Watch how price action behaves in this zone.