Bitcoin (BTC) prices continue to reflect weakness, dropping below $105,000. Warnings have surfaced regarding a potential drop to $104,000.
Intensified Bitcoin Weakness
Bitcoin prices fell below $105,000, triggering buyer fatigue. Analysis indicated that BTC/USD reached intraday lows of $104,401 after the Wall Street open. A rare occurrence of 11 consecutive red hourly candles kept bulls in check, signaling the potential for further price declines. As market materials suggest, "if the price breaks below $105k, be prepared for a rug pull at $104k."
Market Prospects and Trader Forecasts
Despite this, some traders remain optimistic. One popular trader noted that despite market conditions, price movements could still follow if bulls can push beyond $108,000. Current volatility is not causing panic among investors, indicating that significant changes lie ahead. "The big move has yet to occur," the trader added.
US Dollar Strength and Market Impact
Amid falling gold prices and US dollar strength, signs of potential recovery are apparent. The US dollar index (DXY) indicates that even after hitting multi-year lows, a rally may be on the horizon. One trader stated, "the dollar is currently trading near a key support level."
In a volatile market, Bitcoin faces significant pressure. Given the current data and trader expectations, BTC's future remains uncertain, and the market stands on the brink of substantial changes.
