Bitcoin Remains Below $106K with $96.7K Identified as Critical Support

Bitcoin is trading at $105,381, a 1.2% increase over the past day but down 5.8% from last week's all-time high of over $111,000. The market remains stable, with the Crypto Fear & Greed Index in the neutral zone.

Critical Support Level

$96,700 is identified as a key support level for short-term holders.
This price aligns with average acquisition costs, potentially serving as a rebound zone if Bitcoin dips further.
Increased Bitcoin dominance may negatively impact alternative cryptocurrencies like Ethereum.

Institutional Accumulation Activity

Bitfinex's declining Bitcoin reserves have historically preceded price increases, indicating potential accumulation activity.
Recently, 24,000 BTC were transferred to two wallets, one linked to 21 Capital, a Tether-associated entity.
These transactions suggest strategic acquisitions rather than standard cold storage adjustments.

Overall, institutional involvement may indicate long-term interest in Bitcoin despite current price fluctuations.