Bitcoin Breaks Below $105,000 as Analysts Forecast Further Declines
Bitcoin is experiencing a downturn as uncertainties around the Middle East conflict affect the market. Analysts predict further declines, with expectations that Bitcoin may not reclaim its previous high of $111,000.
Current Price Trends
- Bitcoin's price has dropped from approximately $108,000, showing signs of exhaustion after failing to maintain above $108,500.
- The asset has broken below an important channel at $105,000 and is currently bearish.
- Key support levels are now set at $104,600 and $102,800.
Further Decline Expected
- Analyst Xanrox suggests the formation of a bull flag could lead to a drop to $100,000, with support potentially at $88,000.
- Doctor Profit predicts a decline to the $94,000-$95,000 range before a potential bounce.
- Overall sentiment remains bearish, with indications of more downward pressure in the coming period.
