Altcoin Daily Says Bitcoin Could Fall to $103K, Godbole Sees First Support at $97K

Retail bitcoin traders are exhibiting significant fear, marking the highest level since the October 20 crash, as noted by Santiment. Trading volume surged 60.5% above the weekly average, with long-term holders selling approximately 325,600 BTC. Analysts highlighted that Bitcoin's price has consolidated within a range of $107,000 to $108,000, facing resistance at $111,650 and $113,600. Altcoin Daily suggested a potential retest of the 50-week moving average near $103,000, while Omkar Godbole identified $97,000 as the first support level where declines are expected to pause. With a heightened fear sentiment among retail traders observed, there is speculation regarding potential price movements towards sub-$100,000 levels. The technical analysis data indicates that sustaining above $111,650 could lead to further upward targets, while breaking below $107,400 risks a decline towards $102,000 to $104,000. The market appears to be in a compression phase as buyers and sellers adjust positions.

Source 🔗