• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin Price Analysis: Can It Return to $100K After an 8% Weekly Drop?

user avatar

by Giorgi Kostiuk

3 months ago


Bitcoin has entered an ascending consolidation phase near its critical $108K resistance level, recently experiencing a sharp decline. However, strong support zones suggest a potential for a short-term bullish rebound.

Technical Analysis

Bitcoin has undergone an ascending consolidation phase near the $108K resistance region, experiencing increased selling pressure and distribution activity from large market participants. This wave of selling led to a significant 15% decline, with the price finding support around the $90K mark and the middle boundary of a long-standing bullish price channel. These levels represent a critical defense line against further declines. A rebound from this support could set the stage for a renewed attempt to reclaim the $108K mark. Conversely, a failure to hold it may lead to a deeper correction, with the channel’s lower boundary near $75K serving as the next key level of support.

The 4-Hour Chart

On the 4-hour chart, Bitcoin has been consistently trending upward within a multi-month bullish channel. The recent rejection at $108K triggered a sharp decline, bringing the price down to the channel’s middle boundary near $95K, a crucial dynamic support level. A bounce from this region is anticipated, allowing the price to stabilize and potentially resume its uptrend. However, concerns over a hawkish monetary policy for 2025 may amplify selling pressure, increasing the likelihood of a bearish breakout. In such a scenario, Bitcoin could face further downside, with $90K as an immediate target and $75K as long-term support.

On-chain Analysis

The Bitcoin Long-Term Holder SOPR metric provides valuable insights into market behavior and investor sentiment. Between 2022 and mid-2023, the SOPR remained below 1 for an extended period, indicating that long-term holders were selling at a loss associated with market capitulation. By mid-2023, the SOPR began trending closer to or above 1, marking the beginning of a recovery. This shift was aligned with a broader market rebound as Bitcoin prices rose, reflecting renewed confidence among investors. The upward trend in SOPR suggested that long-term holders were no longer selling at a loss, a key sign of improving sentiment. As the market moved into 2024, Bitcoin prices continued to climb, and the SOPR consistently stayed above 1. This shift signified that long-term holders realized profits, but the selling pressure remained controlled. The stability of the SOPR above 1 highlights sustained confidence among investors, reinforcing that market conditions support continued growth, with a potential for further market expansion.

Bitcoin continues to show volatility, maintaining several critical support levels. The technical and on-chain analysis indicates growth potential amid sustained investor sentiment and activation of strong support zones.

0

Share

Other news

Return of Meme Coins: Louder, Weirder, and More Ambitious

Meme coins make a comeback. Explore the energy and potential of upcoming coins and their impact on the crypto market.

user avatarGiorgi Kostiuk

4 minutes ago

DeXe (DEXE): Leading in Whale Transaction Growth by 340% According to Santiment

DEXE token leads in major transaction growth despite price drop.

user avatarGiorgi Kostiuk

5 minutes ago

Coinbase's Push for Stablecoin Regulation Change in the U.S.

Coinbase CEO suggests allowing users to earn interest on stablecoins to improve the financial system.

user avatarGiorgi Kostiuk

14 minutes ago

How Elon Musk and X Stand Against Government Data Interference

This case could reshape digital privacy laws, impacting platforms and boosting trust in user privacy, especially in cryptocurrency markets.

user avatarGiorgi Kostiuk

14 minutes ago

A New Era in Payments: Cryptocurrencies at Sony Singapore

Sony Singapore and Crypto.com implement crypto payments, opening new opportunities for users. How will this change shopping in Singapore?

user avatarGiorgi Kostiuk

15 minutes ago

DeFi Adapts to Market Slowdown by Lowering Interest Rates

DeFi protocols lower yields to adapt to current market conditions, reflecting the overall state of the crypto market.

user avatarGiorgi Kostiuk

15 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.