📉 BTC Current Market Analysis: Key Support Level $102,000

Key Support Analysis

Currently, BTC's price is at a critical support level of $102,000. After BTC rebounded to the orange line ($93,000) on March 2nd and encountered resistance, the price continued to decline. On June 5th, BTC retraced to the orange line ($101,000) and found support, subsequently rebounding to near the previous high. Since January 2024, the middle orange line of the MVRV extreme deviation pricing range has repeatedly served as a support level for retracements or a resistance level for rebounds (as shown in Figure 1).

Importance of the Current Support Level

Short-term Support: Theoretically, without further negative events triggering market pessimism, $102,000 should be a support level where a rebound can be expected in the short term. Extreme Positions: According to Figure 1, the extreme positions for the current rebound are near $122,000 (red line) and $83,000 (yellow line), respectively.

Possible Market Paths

Path One: A rapid rally, moving away from the constraints of Area A and reaching a higher range (such as the red line at $122,000 or above in Figure 1), and then gradually digesting the large number of profit-taking chips in Area A. Path Two: Breaking below Area A and finding support again within or below Area B, promoting the transfer of chips from high to low levels and stimulating market liquidity regeneration. If Path Two is chosen, it may be more difficult, as the massive chips at $104,000 and $105,000 will turn into trapped positions, which will be difficult to digest in the short term.

Further Analysis of Key Support Levels

If the $102,000 support level fails, the next step will directly test the upper rail of the URPD chip accumulation area - Area B, which is $98,000. This level is also the average cost line for current short-term holders and is considered a stage-based 'bull-bear dividing line,' the importance of which is self-evident.

Summary

The current BTC trend faces the test of a key support level, and investors need to pay close attention to the performance of $102,000. If the support fails, the market may move towards lower support areas. Stay vigilant and respond flexibly to market changes! 🚀💼