$BTC Will Bitcoin stay above $100,000 throughout the month of July? Bitcoin holders are placing their bets on the world's largest cryptocurrency maintaining its six-figure status, with prediction markets revealing a surge of optimism despite concerning technical signals.

Currently trading just below $108,000, Bitcoin sits roughly 8% above the psychologically crucial $100,000 level—but will this cushion be enough?

On Myriad, a prediction market developed by Decrypt's parent company Dastan, the market "BTC above $100K throughout July?" has attracted $12.4K in trading volume with remarkably bullish positioning. Traders have pushed the odds of Bitcoin successfully defending $100K from an even 50-50 split on July 4 to a confident 64.5% just three days later.

This optimism persists despite Bitcoin needing to avoid even a brief wick below $100K for the entire month. Unlike markets asking where Bitcoin will end July, this bet resolves to "No" if BTC even touches $99,999 or below—at any point for any length of time—making it a pure test of support strength.

Bitcoin: The $100K line in the sand

For context, Bitcoin has been trading above $100,000 since early May, establishing this level as a key psychological support, meaning that stakes are high. A breach below $100K, even momentarily, would not only resolve the Myriad market as "No" but could trigger cascading sell orders from traders who view this level as the line between bull and bear markets. Conversely, successfully defending $100K through July would reinforce it as a stable floor, potentially setting the stage for another assault on all-time highs.

Bitcoin price data. Image: TradingView

While prediction market participants lean bullish, the charts paint a more nuanced picture that should give defenders pause. Multiple technical factors converge to suggest the $100K defense faces serious challenges.

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