Bitcoin Price Remains Below $100,000 After 11.4% Decline
Bitcoin is currently trading below $100,000, marking an 11.4% decrease from its recent high above $109,000. The asset's price is under pressure and shows signs of potential volatility.
Market Trends and Indicators
- Analyst Percival notes Bitcoin is in a "loading phase," indicating possible significant market movements.
- The Choppiness Index indicates instability with daily and weekly readings at 62 and 72.
- Over the past 90 days, Bitcoin's price has fluctuated within a band of approximately 16%.
- Key support levels include $92,000 (Short Term Holders Cost Base) and $80,000-$89,000 (200-day EMA).
- The Spent Output Profit Ratio (SOPR) is just below 1, suggesting market equilibrium.
Current conditions resemble those in August 2023, which preceded significant price movements after low volatility cleared out traders.
Market Sentiment
- Bitcoin is trading at $96,265 after a 1% decrease in the last day.
- Analyst Ali indicates a potential rebound based on the TD Sequential indicator flashing a buy signal.
