This Bitcoin Price Level Stands Between Boom and Bust
Bitcoin's recent sharp drop hinges on reclaiming the $100,300 level to signal a rebound, otherwise deeper correction risks increase.Summary
The Bitcoin price has fallen nearly 15% since early November, dividing market sentiment between those expecting a deeper correction and those anticipating a cycle continuation. The crucial factor determining the next move is the $100,300 price level, which acts as key resistance.
Technical indicators suggest potential easing of selling pressure, as the Relative Strength Index (RSI) reversed from oversold territory and formed a hidden bullish divergence against a higher low in price since April. However, for this bullish signal to validate, Bitcoin must cross above $100,300. Supply data from UTXO Realized Price Distribution also highlights a significant cluster of long-term Bitcoin holders near $100,900, making this zone a critical decision point.
Furthermore, the Net Unrealized Profit/Loss (NUPL) metric hit a one-year low of 0.40, historically a zone where rebounds form, similar to April's low before a 46% climb. However, this bottoming case remains inactive unless the price reclaims the resistance band. Currently trading in a falling channel, Bitcoin needs to break above $100,300, followed by $101,600, to shift the trend from bearish to neutral. Failure below the $93,900–$92,800 support zone risks opening the door to much deeper declines.
(Source：BeInCrypto)