Bitcoin Crashes Below $102K – Brace for These Critical Support Levels
Bitcoin just punched through the $102,000 floor—now traders are eyeing the next lifeline. Here’s where the market might catch its breath.
Support or freefall? The king of crypto isn’t getting any royal treatment today. After a brutal rejection at its all-time high, BTC’s nosedive has investors scrambling for the next safety net.
Technical analysts point to a cluster of historical demand zones below $100K. If those fail? Strap in—we could be testing levels not seen since… well, last month (this is crypto, after all).
Meanwhile, Wall Street’s latest ‘crypto expert’ just discovered candlestick charts. Their prognosis? 'It might go up... or down.' Thanks for that groundbreaking analysis.
One thing’s certain: volatility’s back on the menu. Whether you’re buying the dip or shorting the breakdown, keep those stop-losses tight. In this market, even the 'smart money' sometimes ends up being neither.
Next BTC Support Level Lies At $100,000: Analyst
Popular crypto analyst with the pseudonym Titan of Crypto put forward an interesting analysis for the bitcoin price as the market leader struggles to build any momentum. According to the online pundit, the price of BTC could be on its way to retest a crucial support area if it continues to lose its bullish impetus.
Using the Bitcoin price chart on the weekly timeframe, the next significant support level lies around the $99,000 – $100,000 range. The confluence of the Fair Value Gap (FVG) and the rising Tenkan-sen (red line) around this price region makes the zone a significant area to watch if selling pressure persists.
The Tenkan-sen, a key component of the Ichimoku Cloud indicator, is often considered a significant line in analyzing short-term trends. The Tenkan-sen line is often seen as a key support and resistance level, as well as a signal line for potential trend reversals.
The Fair Value Gap is a liquidity void often created by a sharp movement in price, indicating a lack of trading activity within a particular price range. FVGs are usually considered as potential regions of interest for future price corrections, as investors often look to fill the liquidity void.
With the FVG and the Tenkan-sen set within this same region, Titan of Crypto noted that the bitcoin price may find a support cushion around the $100,000. This level appears to be extremely crucial for the flagship cryptocurrency in the short term, especially as its bullish momentum wanes.
Meanwhile, holding above this $100,000 support could be critical to Bitcoin’s long-term trajectory. It is worth noting that the price of BTC has not traded beneath $100,000 since May 8, reaching the $110,000 mark twice within that span.
Bitcoin Price At A Glance
After falling to around $101,400 in the late hours of Saturday, the price of Bitcoin has now returned around $103,000. As of this writing, the price of BTC stands at around $102,845, reflecting a 0.4% decline in the past 24 hours.
