Bitcoin price is hovering around key support levels and continues to face increasing pressure. BTC is currently at a moment that could mark the final washout before a big rebound, as sellers push towards the $102,000 zone. The next few days could be decisive in determining whether Bitcoin gains a foothold or continues its position. decline.
Bitcoin faces pressure below $108,000 as bears regain control
Cryptocurrency Analyst Crypto Candy share Insights on the latest Bitcoin price trends. Note that the main cryptocurrency tried to maintain between $107,000 and $108,000. support zone However, it ultimately failed and closed below that level. This development signals a potential change in market dynamics as the $107,000-$108,000 zone could act as a strong resistance area.
Crypp Candy further explained that in case of a drop, momentum If this situation continues, Bitcoin could reverse deeper towards the $99,000 to $101,000 range, an area seen as a key support zone where fresh buying interest could emerge. A decline into this range could also help clear out weak positions and create a healthier situation for a longer-term rebound.
However, the analyst added that if Bitcoin manages to regain and sustain the $107,000 to $108,000 zone, it would indicate that bullish strength is returning to the market. That kind of thing happen It could restore investor confidence, reinvigorate upward momentum, and propel the stock toward even higher goals.
$102,000: Ideal flush zone before your next big move.
In his latest BTC Daily updateSuper฿ro highlighted the important role of the $102,000 support zone, describing it as an ideal area for the market to wash out the remainder of its leveraged long positions. This type of shakeout is often needed to clear out weak hands and set the stage for a more sustainable bullish continuation.
Super฿ro further pointed out that once this cleansing phase ends, Bitcoin could be fueled primarily by a short squeeze from the market. trader You’re stuck on the wrong side of the market. As shorts begin to close out their positions, buying pressure increases, potentially creating a rapid uptrend to regain lost levels.
Having said that, crypto analysts have cautioned that a break below the $101,000 level is not ideal as it could indicate that market weakness is more severe than expected. Still, he remains confident in the big picture and emphasizes its high time frame (HTF). index I continue to support the possibility of a rebound.
Currently, BTC price is hovering around $104,000, indicating a decline of over 3% in the past 24 hours. Meanwhile, trading volumes picked up the pace, increasing by more than 79% over the same period.
Featured image from Pixabay, chart from Tradingview.com
