Bitcoin Tests $100K Support Amid Market Uncertainty
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Traders Eye Sub-$100K Targets
Following the event, long positions suffered, with over $500 million in crypto long liquidations, per CoinGlass data. Analysts predict further downside pressure, with BTC potentially dipping into the mid-to-high $90,000 range.
Crypto trader Crypto Chase suggested taking long positions around $99,500, provided key support holds. Meanwhile, trader XO emphasized that Bitcoin remains within its December range, between $90K and $108K, and will likely break into a new trend upon exiting this range.
Breakout Signals on the Horizon?
Market analysts are closely watching Bitcoin’s 10-day simple moving average (SMA), currently at $99,969. Matthew Hyland pointed out that BTC tested this level before hitting a new all-time high, only to pull back again.
Further adding to market anticipation, James Check highlighted Bitcoin’s Choppiness Index, which signals the end of sideways movement, hinting at an impending major price trend.
With Bitcoin at a critical juncture, traders remain cautiously optimistic, awaiting a decisive breakout in the coming days.
