Altcoin Daily Predicts Bitcoin Support Levels

Analysts are currently observing Bitcoin’s price dynamics after a notable increase in trading activity, which rose 60.5% above the seven-day average. Long-term holders distributed approximately 325,600 BTC, marking the largest monthly sell-off since July. As Bitcoin trades within the $107,000 to $108,000 range, resistance is seen near $111,650 and $113,600. Altcoin Daily has highlighted that Bitcoin typically retests its 50-week moving average, positioning a key support level around $103,000. Retail traders are exhibiting heightened fear, reminiscent of the market's volatility following the October 20 crash, with some speculating further declines to below $100,000. Analyst Omkar Godbole suggests that the first significant support is at $97,000, which historically has halted declines. If Bitcoin breaks below $107,400, it could extend towards $102,000 to $104,000. In summary, the market is at a pivotal point, testing support levels while traders await clearer direction amidst fluctuating sentiments and selling pressures.

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