Bitcoin Price Drops to $104,000 Amid Market Weakness
The price of Bitcoin is currently around $104,000, down 2.5% in the last 24 hours. Other cryptocurrencies are experiencing greater declines, with Ethereum dropping 8% and XRP 4%.
Key points include:
- Bitcoin has lost its range high at $108,385 and may test support around $99,600.
- If selling pressure persists, Bitcoin could decline to its range low of $90,000.
- Daan Crypto advises caution for investors until a clear bullish trend is confirmed.
Market risks include rising geopolitical tensions between the US and China and instability in the Middle East. However, potential positive developments exist, such as increased inflows into Ethereum ETFs, a possible Solana ETF launch, and GameStop's plans to invest $1.7 billion into Bitcoin.
