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Factors Holding Bitcoin Below $100,000: Potential Risks

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by Giorgi Kostiuk

3 months ago


Bitcoin's price partially recovered after major declines earlier this week, which drove it to a monthly low, but the cryptocurrency still struggles to reach six digits.

Current Bitcoin Situation

In the last weeks of 2024, Bitcoin's price fell from $108,000 to $91,300, marking the asset’s lowest point in over a month. Since then, the price has rebounded to $98,000, representing a 7.5% increase from its lowest point last week. The biggest factor holding Bitcoin below $100,000 now is the 'stiff supply wall', with many investors accumulating BTC at prices between $98,000 and $100,000, which turns these levels into significant resistance lines.

Bitcoin faces a stiff supply wall between $98,000 and $100,000 that is currently acting as resistance!Ali Martinez

Opportunities for Further Growth

Analyst Ali Martinez highlights a significant bullish development, with more than 48,000 BTC pulled from exchanges, reducing the immediate sell pressure. Martinez believes Bitcoin might retest the 50-day moving average at just under $97,000 to confirm the end of the correction and confirm bullish momentum.

Bitcoin remains at a critical point. This might just be a retest of the 50-day MA before a potential move lower. A sustained close above the 50-day MA is essential to signal the end of the correction and confirm bullish momentum.Ali Martinez

Potential Risks for Bitcoin

Martinez expressed cautious optimism regarding Bitcoin's short-term outlook, warning of a potential head-and-shoulders pattern that could lead to a correction to $78,000. A strong close above $100,000 is crucial to invalidate this bearish setup.

I’m cautiously bullish because for all we know, Bitcoin could be forming a head-and-shoulders pattern that anticipates a correction to at least $78,000. This is why a strong close above $100,000 is crucial to invalidate this bearish setup.Ali Martinez

Bitcoin is at a critical juncture, and its future movement will depend on its ability to overcome current resistance levels and maintain key benchmarks.

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