Bitcoin: $100 Thousand at Critical Threshold
The weekly CryptoQuant report, released on Wednesday, highlights that BTC fundamentals remain weak, with the price falling below $100,000 for the first time in several months. The report adds that the King of Crypto is now hovering near a critical support level, and a breach could trigger a sharper market correction.
The chart below shows that the price of Bitcoin has dropped below $100,000 for the first time since June 23 and is now below the 365-day Moving Average (MA) at $102,000, a key technical and psychological support level. The 365-day MA has acted as a major support level so far in this bullish cycle (green arrows) and is one of the last signals that triggered the onset of the bear market in December 2021 – January 2022. Failure to reclaim the 365-day MA soon could accelerate a deeper correction.
If BTC closes below the support level of $100,353, the price could continue to decline towards the next daily support at $97,460.
