Bitcoin Price (BTC) Analysis: $95K Needs to Hold

Analyst James Check, known as Checkmate, highlights the $95,000 level as a critical support for Bitcoin, despite the recent symbolic drop below $100,000. Check notes that nearly 57% of all invested dollars in Bitcoin are currently underwater at the $100,000 mark, contributing to market fear. While current losses are about 3% of the market cap, a drop to $95,000 would bring losses closer to 10%, a historical trigger point for bear markets. Check anticipates a strong defense by bulls at this level. Furthermore, the market sentiment, reflected by the Fear & Greed Index at 24 ("Extreme Fear"), has previously coincided with short-term bottoms, such as the drop to $75,000 in April.

(Source：CoinDesk)