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Bitcoin Bull Run in Danger? BTC Tests Critical Support Again

Bitcoin (BTC) price chart

Bitcoin is buying and selling at $107,400 at press time, down 3% in the previous 24 hours and seven% during the last week. Traders are watching key value ranges because the market exams long-term help.

With volatility dropping and quantity remaining high, a number of analysts are pointing to this month-to-month shut as a possible turning level.

Fibonacci Support Has Held Since 2023

BTC has exhibited a clear development for the reason that starting of 2023. Support has been positioned on the 38.2% Fibonacci retracement stage for each vital correction thus far. These ranges—roughly $24,843, $49,200, $79,225, and at present $100,547—have indicated native bottoms previous to the restoration of the value.

Bitcoin (BTC) price chart
Source:  Cas Abbé/X

Notably, the newest month-to-month candle dropped to the $100,500 space and bounced. This stage now serves as a key reference level.

According to analyst Cas Abbé, “If BTC closes a month-to-month candle under it, the bull run might be most definitely over.” The value stays above this threshold for now, however the margin is narrowing.

Meanwhile, Bitcoin’s weekly chart can be exhibiting technical stress. According to Super₿ro, the Bollinger Bands are actually at their tightest level on file, with the Bollinger Band Width indicator close to 15. This stage displays a uncommon drop in volatility, typically seen earlier than sharp value strikes.

In earlier cycles, comparable compression led to short-term dips, adopted by speedy reversals to the upside.

Short-Term Ranges Show Liquidity Zones

During the weekend, two most important liquidity areas shaped, according to analyst Daan Crypto Trades. BTC took out the decrease certain round $108,500, clearing that stage. Another cluster stays close to $112,000, with stronger curiosity constructing between $105,000 and $106,000.

Ted Pillows pointed to massive bids across the $106,000–$107,000 zone and added,

“What if we dump in the primary week after which pump to a brand new ATH?”

These ranges are additionally close to lengthy liquidation zones, which might set off extra volatility in the quick time period.

Long-Term Holders Are Selling Into Strength

Data from CryptoQuant reveals that long-term holders offered over $33 billion price of BTC in October. This created day by day promoting stress of as much as $1 billion. CryptoPatel noted that these models got here from addresses lively throughout a number of market cycles.

“These aren’t weak fingers. These are OGs reserving income close to the highest,” they mentioned.

Demand from US buyers has slowed in current weeks, and a few massive merchants have began taking quick positions. One of them is Peter Brandt, who confirmed a brief in Bitcoin futures. The market continues to be digesting these adjustments, as costs commerce under current highs.

The publish Bitcoin Bull Run in Danger? BTC Tests Critical Support Again appeared first on CryptoPotato.

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