Assessment of Bitcoin's Value: Has BTC Recovered Following an 8% Drop?

Bitcoin has experienced significant sell-offs around the $111K mark, resulting in bearish rejection. Despite breaking past its previous peak of $109K, the cryptocurrency couldn't maintain its momentum, falling back under this crucial level. This action instigated a market correction, with the cryptocurrency's value now approaching the daily fair value gap (FVG) between $97K and $100K.

If Bitcoin stabilizes within this FVG, a rebound to $111K resistance is anticipated. However, failure to maintain this level could lead to further losses, with the next key support at $95K. The Realized Price of mid-term holders has served as a critical support or resistance zone, and currently, Bitcoin remains above this level, suggesting continued confidence from mid-term holders.

However, increased selling pressure and rejection at $111K have caused the price to fall closer to this range, which is around $98K.