Bitcoin just crashed below $103K! With a 2.36% drop in 24 hours, traders are panicking—will BTC recover, or is this the start of a bigger dump?
Market Outlook and Concerns
According to a briefing by Greeks.live macro researcher Adam, the crypto community remains cautiously optimistic amid recent price fluctuations. There is a prevailing concern regarding the price swings in the $94,000 to $98,000 range. Although some traders are hopeful for a breakthrough to $100,000, they are facing significant resistance levels and challenges from algorithmic trading activities, impeding sustained price growth. Despite the existing price pressure, certain traders are holding $96,000 call options expiring next week.
📉 Why the Price Struggles?
The struggle to surpass the $98,000 mark can be attributed to the strong resistance encountered at this level. Additionally, the presence of algorithmic trading strategies is causing volatility and preventing a smooth uptrend towards $100,000.
⚡ What’s Next for Bitcoin?
If Bitcoin fails to break above $98,000 and faces rejection, it could potentially retest lower support levels around $96,000. On the other hand, a decisive move above $100,000 could signal a renewed bullish momentum towards $105,000-$107,000.
���� Should You Stay Bullish?
Traders need to closely monitor the key levels of $98,000 and $100,000. A successful breach of these levels could determine the next major price trend for Bitcoin. It’s essential to consider both bullish and bearish scenarios to navigate through the current market uncertainties.
Will Bitcoin recover, or is this just the start of a bigger crash? Drop your thoughts below!
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