Bitcoin Near Breaking Point As It Tests Its Most Crucial Support Line—Analyst

Bitcoin fell to a five-month low before staging a modest recovery, testing a crucial support line that traders say could decide the short-term fate of the bull ￰0￱ Reading: Bitcoin’s Grip Holds — But Signs Of Weakness Are Piling Up: Analyst According to Crypto Onchain, Bitcoin hit an intraday low of $98,900 before buyers pushed the price back above $101,000 and later to $103,400 at the time of ￰1￱ top coin’s year-to-date gain sits at close to 10% after peaking at an all-time high of $126,300 in ￰2￱ Break $107,000 Fortress Based on analysis from Crypto Onchain and on-chain data provider CryptoQuant, Bitcoin lost the $107,000 support after roughly 130 days of trading in a band between that level and $123,000.

The move sparked heavy liquidations in the futures ￰3￱ $640 million in long positions were wiped out over a 24-hour ￰4￱ figure, market watchers say, is the second-largest daily long liquidation event since June ￰5￱ October 10 event remains the largest on record for ￰6￱ $101,000 level has taken on extra ￰7￱ point out that bulls stepped in near $98,000 and pushed the market back toward the lower trendline of a long-term ascending channel that has held since October ￰8￱ have disclosed that defending this channel bottom would be read as a bullish sign, while a close below it could signal deeper losses and a break in the market structure that has supported the ￰9￱ Gap Could Pull Price Lower A nearby gap on the CME futures chart sits between $92,000 and $93,000, roughly 10% from current prices, and some analysts are watching that area closely.

Historically, Bitcoin has often filled such gaps before resuming its next leg up, and the gap is now a possible target if bearish pressure ￰10￱ the same time, strong buying interest around the $101,000 zone could halt any slide and force prices back ￰11￱ And Market Mood The cascade of liquidations amplified selling pressure, particularly among highly leveraged ￰12￱ positions were forcefully closed, and this intensified the intraday ￰13￱ buyers were quick to take advantage of the lower levels, and the rebound to $103,000 level showed a degree of demand at current ￰14￱ and near-term momentum will be key in determining whether that demand is ￰15￱ Reading: XRP’s Low Price Isn’t A Problem—It’s Actually A ‘Blessing’, Finance Expert Says Market participants say the most important signal will be a daily close relative to the ascending channel’s lower trendline around $101,000.

A sustained close above that mark would likely be read as a buying chance, while a decisive break and continued selling could open the path toward the CME gap near $92,000–$93,000. Broader moves in US equities and large trader activity are also being monitored, since they helped trigger the recent ￰16￱ image from Unsplash, chart from TradingView