Is the Bitcoin bull market still on? These key price levels determine the direction.
Although Bitcoin (BTC) rebounded to $109,000 last week, the market sentiment turned cautious due to the intensifying situation in the Middle East, and selling pressure rapidly increased. As sellers attempt to regain control, bulls face a severe test.
The analysis agency Bitfinex Alpha states that the current round of correction is similar to the past 'emotional capitulation' — that is, the market's short-term sentiment is extremely pessimistic, technically approaching a local low point. From historical experience, this type of 'capitulation drop' often indicates a potential reversal starting point.
🔍 Technical focus: $102,000 is the lifeline.
If Bitcoin can firmly hold the range of $102,000 - $104,000, it indicates that the market has the ability to digest short-term selling pressure and may start to brew a rebound. According to past trend patterns, such rebounds after corrections often bring an increase of 18%-25% within 6 to 8 weeks, and may even push BTC to new highs above $112,000.
In other words, the 102K area is the 'decisive watershed' for the short-term bull market. If it falls below, the trend may weaken; if it holds, it will be the starting point for a new upward attack.
⚠️ Deeper support: $98,000 must not be broken.
Another analysis agency, Alphractal, reminds that $98,300 is the critical breakeven point for short-term holders (STH) of Bitcoin. Historical data shows that as long as the price remains above this level, market sentiment and structure are still leaning towards health.
However, if Bitcoin fails to hold this price level, the market structure will be broken, potentially triggering a deeper round of corrections, or even entering a mid-term adjustment.
"As long as BTC remains above the STH actual price, the market structure is bullish; only a drop below $98,000 will truly loosen the bull market structure." — Alphractal Analyst
✅ Summary: Focus on the reactions at these three price levels
$104,000 - $102,000: The short-term bottom area that bulls must defend.
$98,300: STH breakeven point; falling below this will completely turn market sentiment bearish.
$112,000: If the rebound stabilizes, it is expected to become the next target resistance level.
The critical period for the market has arrived; the price performance in the coming days will be the core signal to determine whether the bull market can continue. Investors may want to closely watch the 'offensive and defensive battle' at the aforementioned key price levels, especially whether 102K can form a new 'golden pit.'
That's it for the article! If you're confused in the crypto circle, you might want to consider strategizing and harvesting with me!