Examining Bitcoin's Value: The Potential Drop to $100K if Existing Support Crumbles

Bitcoin's price is caught within a critical range, fluctuating between the 100- and 200-day moving averages. Recent attempts to push higher were met with resistance, causing a resurgence of sell-offs. The 200-day moving average stands at $109K and the 100-day at $114K, both serving as significant boundaries. If Bitcoin exceeds $116K, it could indicate a strengthening market and set the stage for a potential surge up to $120K–$122K. On the other hand, a drop below the $109K–$110K range could lead to a further downward adjustment towards the $102K–$104K zone. Despite the current caution, the overall setup signals a possible major breakout in the coming days. Large order activity near the $108K–$110K area could confirm renewed institutional interest, setting the stage for Bitcoin's next significant upward move.