Altcoin Daily Predicts Bitcoin Price Could Drop to $103K

Analysts are observing increased fear among retail Bitcoin traders following a drop since October 20. Trading volume surged by 60.5% above the weekly average, with long-term holders unloading approximately 325,600 BTC in what has been the largest monthly sell-off since July. Analysts from Altcoin Daily indicated that Bitcoin's 50-week moving average is around $103,000, suggesting potential retracement, while first support was identified at $97,000 by Omkar Godbole. Bitcoin is currently trading within a tight range of $107,000 to $108,000, facing resistance levels near $111,650 and $113,600. The market dynamics indicate a compression phase, where selling pressure conflicting with demand could lead to significant price movements if either support or resistance breaks. Overall market sentiment is cautious as indicated by social media activity calling for potential price drops below $100,000.

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