Bitcoin is testing a key support zone between $100,000 and $107,000, posing potential risks of a downturn below these levels, according to analysts.
Testing Support Level
Bitcoin is trading at a critical support zone between $100,000 and $107,000, marking a pivotal point for the leading cryptocurrency. A break below these levels could trigger further downside toward $92,000 to $93,000.
Market and Institutional Investors
According to analyst **Axel Adler Jr.**, the $100,000–$107,000 support range is significantly important. This insight is based on on-chain analysis and interactions with major moving averages, underscoring its technical importance.
Economic Implications
Currently, the open interest in BTC has reached $43 billion, indicating active but bearish market positioning. Analysts are notably watching the potential effects on correlated assets such as ETH and major altcoins.
Traders are closely monitoring the psychological support level as breaching it may lead to increased volatility and liquidity shifts in the cryptocurrency market.
