Analyst Predicts Bitcoin Price May Drop Below $109,700 Support Level
The Bitcoin price is currently facing significant downward pressure. An analyst highlights strong bearish signals after a rejection at the $121,000 resistance level. The price has fallen to a critical support area at $109,700, where buying interest is being tested. If this support fails, further declines may occur.
Key Points
- Bearish trend initiated after rejection at $121,000 resistance.
- Price broke down from an upward channel, signaling a shift in market sentiment.
- Current support at $109,700 is under pressure; failure could lead to a drop to $104,000.
- Analyst indicates that selling pressure remains dominant.
- A break below $100,000 could indicate a significant trend change.
The analyst anticipates that if the $109,700 support does not hold, the next logical target will be $104,000. Market participants are closely monitoring this situation, as a decline below $100,000 would represent a critical shift in Bitcoin's trend.
