Bitcoin Tests Key Support Zone, Faces Potential Drop to $93K-$95K
Bitcoin's price faces critical support levels at $107K–$108.9K, with resistance at $113.6K. The current correction is mild but market confidence is weakening.
BTC
Summary
Bitcoin has dropped to $110K, testing critical support levels between $107K and $108.9K. A rebound faces resistance at $113.6K, while a further decline could target the $93K–$95K range. Market sentiment shows shallow unrealized and realized losses, with spot demand neutralized and a bearish bias in perpetual futures. Despite the mild correction, market confidence is weakening compared to historical bear markets.
Terms & Concepts
- On-chain analysis: A method of analyzing blockchain data to assess market sentiment, price trends, and investor behavior.
- Relative Unrealized Loss: A metric that measures the unrealized loss across all Bitcoin holders, providing an indication of market sentiment and potential future price movement.