Bitcoin Price Faces Risk of Falling Below $100,000 Amid Indecision
Bitcoin's price has been fluctuating between $108,000 and $112,000 over the past week, with multiple rejections at the $112,000 level. Technical analysis indicates pressure around the 200-day moving averages on the four-hour chart.
Key points include:
- Analyst Daan Crypto warns of a potential breakdown below $100,000 but sees a chance for a recovery rally.
- Current price action suggests a possible sweep of monthly lows, with weak support around $107,000.
- A bearish case could emerge if Bitcoin drops below $100,000, leading to market panic.
- Support levels identified are between $103,000 and $105,000, which may serve as entry points for buyers.
- Bulls need to hold above $105,000 to prevent further decline.
- A break above $115,000 could invalidate short-term bearish momentum.
- Reclaiming levels near $107,000 and $112,000 could initiate a sustained uptrend in October and November.
Currently, Bitcoin is priced at $111,733, reflecting a 0.7% increase in the last 24 hours.
