Bitcoin ‘bear market confirmed’: Watch these BTC price levels next
Analysts suggest Bitcoin is entering a bear market, with key support levels around $99,000 and $98,000 being closely watched.Summary
Bitcoin recently fell to four-month lows near $98,900, leading analysts to suggest the market is entering a bear market, marking a structural shift rather than a short-term correction. Indicators supporting this view include a significant decline in funding paid by long holders of Bitcoin perpetuals, signaling reduced speculative appetite, and the breakout of USDT market dominance from an inverse head-and-shoulders pattern, which historically precedes bear markets.
Key price levels are now under scrutiny following BTC's 20% drop from its all-time high. Bitcoin has fallen below the short-term holders’ cost basis (~$113,000) and lost support around the 85th percentile cost basis (~$109,000). The next critical support is the 75th percentile cost basis near $99,000, which historically holds during pullbacks. Further down, the $98,000 level, corresponding to June lows and a high concentration of liquidations, is crucial; a break below this could trigger a squeeze toward $95,000.
On the upside, resistance is noted around $102,500 to $105,000. If Bitcoin closes below the psychological $100,000 level amid selling from long-term holders and short-term capitulation, the price could potentially drop as low as $72,000.
(Source：Cointelegraph)