Bitcoin Holds $104K Support — But Drop Toward $97K Looms if Broken, Analysts Warn
The post Bitcoin Holds $104K Support — But Drop Toward $97K Looms if Broken, Analysts Warn appeared on BitcoinEthereumNews.com. Bitcoin Bitcoin’s price is now sitting around a critical on-chain support zone near $104,124, according to analyst Ali Martinez. Based on Glassnode’s UTXO Realized Price Distribution (URPD), this level represents a major cluster of investor positions—making it a key line in the sand for bulls. If this support fails, Martinez warns that Bitcoin could swiftly fall toward $97,405, where another large concentration of buyer activity historically resides. Caution Signals From the Weekly Chart Echoing this caution, trader Daan Crypto Trades highlights indecisiveness on Bitcoin’s weekly chart. BTC posted a “flat week with big wicks,” following a failed breakout above $108K and a bounce from $100K in the previous week. According to Daan, unless BTC can break and hold above $108K, traders should remain cautious. “Until then, I will sit on the stables I have with lower spot exposure (but still some),” Daan added. Key Levels to Watch Support: $104,124 (on-chain cluster), followed by $97,405 Resistance: $108,000 – needed for renewed bullish confirmation Previous ATH: Near $104,775, still acting as psychological resistance Conclusion Bitcoin’s recent failure to reclaim $108K and its stall near $104K paints a picture of hesitation. With heavy realized volume at current levels, bulls must defend $104K to prevent further downside. If this zone breaks, $97K could be the next magnet for price. Traders are advised to monitor both on-chain positioning and weekly technical structure as BTC tests a key inflection point. Author Kosta Gushterov Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related…
The post Bitcoin Holds $104K Support — But Drop Toward $97K Looms if Broken, Analysts Warn appeared on BitcoinEthereumNews.com.
Bitcoin Bitcoin’s price is now sitting around a critical on-chain support zone near $104,124, according to analyst Ali Martinez. Based on Glassnode’s UTXO Realized Price Distribution (URPD), this level represents a major cluster of investor positions—making it a key line in the sand for bulls. If this support fails, Martinez warns that Bitcoin could swiftly fall toward $97,405, where another large concentration of buyer activity historically resides. Caution Signals From the Weekly Chart Echoing this caution, trader Daan Crypto Trades highlights indecisiveness on Bitcoin’s weekly chart. BTC posted a “flat week with big wicks,” following a failed breakout above $108K and a bounce from $100K in the previous week. According to Daan, unless BTC can break and hold above $108K, traders should remain cautious. “Until then, I will sit on the stables I have with lower spot exposure (but still some),” Daan added. Key Levels to Watch Support: $104,124 (on-chain cluster), followed by $97,405 Resistance: $108,000 – needed for renewed bullish confirmation Previous ATH: Near $104,775, still acting as psychological resistance Conclusion Bitcoin’s recent failure to reclaim $108K and its stall near $104K paints a picture of hesitation. With heavy realized volume at current levels, bulls must defend $104K to prevent further downside. If this zone breaks, $97K could be the next magnet for price. Traders are advised to monitor both on-chain positioning and weekly technical structure as BTC tests a key inflection point. Author Kosta Gushterov Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related…
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