Bitcoin slips below $100K as analysts say BTC is set to drop lower: Here’s why
Bitcoin fell to 4-month lows below $100,000, with analysts suggesting further drops toward the $88,000 to $95,000 range.Summary
Bitcoin (BTC) selling intensified, pushing the price to 4-month lows below $100,800 as sellers overwhelmed buyers. Analysts suggest the price could fall further, potentially bottoming between $88,000 and $95,000. Trader HORSE indicated that if $100,000 does not act as a trap, these lower levels are the next targets, noting that large round numbers, once broken, often get 'smoked on the return.' Liquidation heatmap data supports this, showing thin liquidity until the $88,000 level. Furthermore, trader Scott Melker pointed out that Bitcoin has historically tested the 200-Moving Average (MA) around $55,000 every time it decisively lost the weekly 50-MA as support. Another theory suggests the current selling pressure stems from institutional entities whose portfolios were crippled by the October 10 sell-off, forcing them to liquidate positions now.
(Source：Cointelegraph)