Bitcoin price gets $92K target as new buyers enter 'capitulation' mode

Bitcoin (BTC) experienced further losses, slipping under the $104,000 support level, leading to expectations of a retest of $100,000 and potentially lower. Analysts, including Ted Pillows, are eyeing a significant correction toward the $92,000 level, which corresponds to an unfilled weekend gap in the CME Group's Bitcoin Futures market. Other headwinds noted include selling pressure from whales and rising US dollar strength. Furthermore, price pressure has pushed recent short-term buyers deep into unrealized losses, with the Net Unrealized Profit/Loss (NUPL) indicator for these holders entering "capitulation" territory, a historical sign that may present accumulation opportunities for patient investors.

(Source：Cointelegraph)