Bitcoin Faces Potential Selloff if $100,000 Support Level Fails
Bitcoin's price experienced a sharp downward trend in October, falling from $116,000 to the current level of about $107,400, reflecting a 7-day loss of over 5%.
$100,000 Emerges as Key Support Zone
- CryptoQuant analyst Julio Moreno indicates $100,000 as a critical support level for Bitcoin.
- The analysis is supported by the Bitcoin Trader On-chain Realized Price Bands metric, highlighting $100.9k as the lower boundary of average trader acquisition costs.
- $100,000 also holds psychological significance as it represents a six-figure valuation.
What Next for Bitcoin?
- Holding the $100,000 support could renew bullish sentiment and lead to recovery towards all-time high prices.
- If $100,000 support fails, it may trigger a market-wide sell-off among short-term holders.
- The 365-day Moving Average aligns with the $100,000 mark, indicating long-term bearish potential if breached.
Investors are closely monitoring these levels to gauge Bitcoin's future trajectory and market sentiment.