Bitcoin is under selling pressure after a slight bullish bounce from the $59K support level, returning to the critical 100-day moving average at $61K. Price action around this key point will likely determine his next decisive move. Bitcoin sellers have been battling a breakout of this significant support zone, which spans the 100-day moving average and the 0.618 Fibonacci level ($59,395), for several weeks now. However, a sudden drop below the critical $59K level could trigger another notable decline towards the $56K level.