Recently, Bitcoin has shown price fluctuations, raising questions about key support levels and potential movement scenarios.
Support and Resistance Levels
According to Glassnode's analysis, the level at $104,124 serves as significant support for Bitcoin. Should this level fail, a drop towards the next level of support at $97,405 is expected, where historical buyer activity is concentrated.
Warnings from Traders
Trader Daan Crypto Trades emphasizes indecisiveness on Bitcoin's weekly chart. It was noted that the cryptocurrency posted a 'flat week with big wicks', indicating instability. Daan warns that unless Bitcoin can break above $108,000, traders should remain cautious. He added, 'Until then, I will sit on the stables I have with lower spot exposure (but still some).'
Conclusion
Recent fluctuations in Bitcoin suggest careful monitoring of key levels at $104K and $97K. The support at $104K must be defended to prevent further declines. Analysts suggest monitoring on-chain positioning and weekly technical structure as Bitcoin tests a key inflection point.
The Bitcoin situation requires careful observation of key support levels, as a potential decline to $97K becomes a reality if the current level does not hold.
