Bitcoin’s recent price action has been a bit of a rollercoaster. After hitting a new all-time high above $111,000, it’s cooled off significantly, dropping below $104,000 in the past week. What’s next?
A Crucial Price Point
Crypto analyst Daan Crypto says Bitcoin needs to decisively close above $106,000. This price level is a key support area. If it can’t break above it, things could get worse.
Bitcoin’s Recent Pattern
Bitcoin has shown a pattern lately: a big price jump ($10,000 or so), followed by a period of consolidation (7-10 days) before another rally. After hitting its all-time high, it seemed to be consolidating between $106,000 and $112,000, setting up for another potential rise. But recent market worries (like US-China trade tensions) pushed the price below that range, as low as $103,867.
Bearish Signals?
Failure to reclaim the $106,000 level could mean Bitcoin’s recent high was a peak, and a bigger correction is coming. Adding to the bearish sentiment, Bitcoin spot ETFs saw their first negative net inflow in over ten days. Some analysts are even predicting a drop to the $100,000-$102,000 range, or even a major crash.
Current Bitcoin Price and Market Sentiment
At the time of writing, Bitcoin is trading around $103,539, down about 2.6% in the last day. Trading volume is also down slightly. While over 1.27 million Bitcoin holders are currently underwater, there’s still hope for a rebound if the price tests the $100,000 level again.
