Bitcoin Faces Risk of Bull Market Decline if $97,190 Support Fails

Bitcoin is currently retesting the $100,000 price level after a 2.22% decline in the last 24 hours. It rebounded around an order block at $99,200 while experiencing significant volatility.

Key Support Level at $97,190

Analyst Ali Martinez identifies $97,190 as a critical support level for Bitcoin.
Maintaining above this level is essential to sustain its bullish trajectory.
Approximately 73% of addresses that purchased Bitcoin in the current trading range are profitable.
1.45 million addresses bought Bitcoin between $95,727 and $98,719, averaging $97,190.
A break below $97,190 could lead to panic selling and downward pressure on Bitcoin's price.

Market Sentiment and Futures Data

Despite concerns, market sentiment remains optimistic among traders.
60.94% of traders on Binance with open Bitcoin futures positions are betting on upward movement.
The TD Sequential indicator shows a buy signal on Bitcoin’s four-hour chart, suggesting potential trend reversals.
If the pattern holds, Bitcoin may see renewed buying pressure, potentially targeting the $106,000 level.

Currently, Bitcoin is trading at $99,403, down by 2.35% over the past 24 hours.