CryptoQuant analyst Axel Adler Jr. has presented new data on Bitcoin support establishing in the range of $100,000 to $107,000.
Bitcoin Support at $100K-$107K
Axel Adler Jr.'s analysis indicates that the key support range for Bitcoin is between $100,000-$107,000. This is significant as it intersects with short-term holders' realized prices and the 200-day simple moving average.
Expectations for Further Decline
Should Bitcoin's price drop below this range, further support is expected to materialize at $92,000-$93,000, based on the cost basis for short-term investors.
Historical Data Highlights Bitcoin's Stability
Past data suggests that prior support levels between $30,000-$35,000 served as key reversal points. Currently, Bitcoin is trading at $109,976.96 with a market cap of $2.19 trillion.
The current state of the Bitcoin market requires careful observation, particularly given historical resilience patterns observed when testing support levels.
