Bitcoin fell to a five-month low before staging a modest recovery, testing a crucial support line that traders say could decide the short-term fate of the bull market. Related Reading: Bitcoin’s Grip Holds — But Signs Of Weakness Are Piling Up: Analyst According to Crypto Onchain, Bitcoin hit an intraday low of $98,900 before buyers pushed the price back above $101,000 and later to $103,400 at the time of writing. The top coin’s year-to-date gain sits at close to 10% after peaking at an all-time high of $126,300 in October. Bears Break $107,000 Fortress Based on analysis from Crypto Onchain and on-chain data provider CryptoQuant, Bitcoin lost the $107,000 support after roughly 130 days of trading in a band between that level and $123,000. The move sparked heavy liquidations in the futures market. About $640 million in long positions were wiped out over a 24-hour stretch. That figure, market watchers say, is the second-largest daily long liquidation event since June 2021. The October 10 event remains the largest on record for comparison. The $101,000 level has taken on extra meaning. Traders point out that bulls stepped in near $98,000 and pushed the market back toward the lower trendline of a long-term ascending channel that has held since October 2023. Reports have disclosed that defending this channel bottom would be read as a bullish sign, while a close below it could signal deeper losses and a break in the market structure that has supported the rally. CME Gap Could Pull Price Lower A nearby gap on the CME futures chart sits between $92,000 and $93,000, roughly 10% from current prices, and some analysts are watching that area closely. Historically, Bitcoin has often filled such gaps before resuming its next leg up, and the gap is now a possible target if bearish pressure continues. At the same time, strong buying interest around the $101,000 zone could halt any slide and force prices back up. Liquidations And Market Mood The cascade of liquidations amplified selling pressure, particularly among highly leveraged traders. Futures positions were forcefully closed, and this intensified the intraday drop. Yet buyers were quick to take advantage of the lower levels, and the rebound to $103,000 level showed a degree of demand at current prices. Volume and near-term momentum will be key in determining whether that demand is durable. Related Reading: XRP’s Low Price Isn’t A Problem—It’s Actually A ‘Blessing’, Finance Expert Says Market participants say the most important signal will be a daily close relative to the ascending channel’s lower trendline around $101,000. A sustained close above that mark would likely be read as a buying chance, while a decisive break and continued selling could open the path toward the CME gap near $92,000–$93,000. Broader moves in US equities and large trader activity are also being monitored, since they helped trigger the recent pullback. Featured image from Unsplash, chart from TradingView

انخفض سعر البيتكوين مؤخرًا إلى أدنى مستوى له في خمسة أشهر، حيث اختبر خط دعم حاسم قد يؤثر على مسار السوق على المدى القصير. بعد أن وصل إلى أدنى مستوى له خلال اليوم عند 98,900 دولار، تمكن المشترون من دفع السعر فوق 101,000 دولار، ليصل إلى 103,400 دولار لاحقًا. هذه التقلبات مهمة لأنها تعكس التقلب المستمر في سوق العملات المشفرة، ويقوم المتداولون بمراقبة هذه المستويات عن كثب لتقييم إمكانية انتعاش السوق الصاعد.

El Bitcoin cayó recientemente a un mínimo de cinco meses, poniendo a prueba una línea de soporte crucial que podría influir en su trayectoria de mercado a corto plazo. Después de alcanzar un mínimo intradía de 98,900 $, los compradores lograron empujar el precio por encima de 101,000 $, alcanzando 103,400 $ más tarde. Esta fluctuación es significativa ya que refleja la volatilidad continua en el mercado de criptomonedas, y los traders están observando de cerca estos niveles para evaluar el potencial de una recuperación del mercado alcista.

Le Bitcoin a récemment chuté à un plus bas de cinq mois, testant une ligne de support cruciale qui pourrait influencer sa trajectoire de marché à court terme. Après avoir atteint un minimum intrajournalier de 98 900 $, les acheteurs ont réussi à faire remonter le prix au-dessus de 101 000 $, atteignant 103 400 $ par la suite. Cette fluctuation est significative car elle reflète la volatilité continue sur le marché des cryptomonnaies, et les traders surveillent de près ces niveaux pour évaluer le potentiel de reprise du marché haussier.

Bitcoin recently fell to a five-month low, testing a critical support line that could influence its short-term market trajectory. After hitting an intraday low of $98,900, buyers managed to push the price back above $101,000, reaching $103,400 later. This fluctuation is significant as it reflects the ongoing volatility in the cryptocurrency market, and traders are closely watching these levels to gauge the potential for a bull market recovery.

Bitcoin Near Breaking Point As It Tests Its Most Crucial Support Line—Analyst

Lower adjusted net asset value multiple means Strategy can no longer issue equity at a premium, threatening its long-term plan to accumulate more bitcoin, analyst Brett Knoblauch wrote.

شهدت أسهم Strategy انخفاضًا كبيرًا، مما دفع Cantor إلى خفض هدفه السعري بسبب انخفاض مضاعف القيمة الصافية للأصول المعدلة. وأشار المحلل بريت كنوبلاخ إلى أن هذه الحالة تمنع Strategy من إصدار الأسهم بسعر أعلى، مما يهدد خططها طويلة الأجل لتجميع المزيد من البيتكوين.

Las acciones de Strategy han experimentado una fuerte caída, lo que llevó a Cantor a reducir su objetivo de precio debido a un múltiplo de valor neto de activos ajustado más bajo. El analista Brett Knoblauch destacó que esta situación impide que Strategy emita acciones a una prima, poniendo en peligro sus planes a largo plazo para acumular más bitcoin.

L'action de Strategy a connu une forte baisse, incitant Cantor à réduire son objectif de prix en raison d'un multiple de valeur nette d'actif ajustée plus bas. L'analyste Brett Knoblauch a souligné que cette situation empêche Strategy d'émettre des actions à un prix supérieur, mettant en péril ses plans à long terme d'accumulation de bitcoin.

Strategy's stock has experienced a significant decline, prompting Cantor to reduce its price target due to a lower adjusted net asset value multiple. Analyst Brett Knoblauch highlighted that this situation prevents Strategy from issuing equity at a premium, jeopardizing its long-term plans to accumulate more bitcoin.

Bitcoin Near Breaking Point As It Tests Its Most Crucial Support Line—Analyst

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