Bitcoin Tests Critical Support at $104,000: What Will the Next Move Be?
Bitcoin is currently testing a strong support line at approximately $104,124. This area is considered a potential turning point that will determine the direction of the price. On-chain data shows that investor interest has concentrated on this level, which could affect the course of short-term price movements.
According to analysts, if this support is broken, it is possible for Bitcoin to decline to the level of $97,405. This level stands out as one of the areas where strong buying interest concentrated in the past and where the market recovered.
Investor Warning: Uncertainty Continues
According to COINOTAG, renowned investor Daan Crypto Trades states that Bitcoin has struggled to find direction on the weekly chart in recent days. In particular, the inability to achieve a sustained break above the level of $108,000 has led to indecisiveness in market sentiment.
Daan advises traders to remain cautious for now and not to enter high positions until a clear upward signal arrives. The long wicks and directionless closures seen in the weekly charts indicate that the market is still in search of direction.
What Do On-Chain Data Indicate?
According to Glassnode's UTXO Realized Price Distribution (URPD) data, the $104K band is a region where investors have heavily bought. The realized trading volume in this area has the potential to balance the selling pressure. However, if a sustained price movement occurs below this support, downward pressure may increase.
In such a scenario, the next strong support area at the level of $97,405 may come into play. This area is also considered a region where investors will re-enter to reposition.
Support and Resistance Balance: Which Levels Should Be Monitored?
Critical support: $104,124
Next main support: $97,405
Main resistance area: $108,000
Psychological resistance: $104,775 (previous peak)
Maintaining the level of $104K is critical for prices to gain new upward momentum. On the other hand, a sustained break above $108,000 could mark the beginning of a new bullish trend.
Strategic Notes: What Should Traders Do?
Current price levels are a decision moment for investors. Both technical analysis data and volume clusters on-chain indicate that Bitcoin is approaching an important threshold. Therefore:
Cautious position management is essential,
Net breaks should be expected,
Support and resistance levels should be closely monitored.
The market is currently moving in a directionless phase; this means both risk and opportunity for investors. In the coming days, price movements, especially between $104K and $108K, may provide a more pronounced directional signal.
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