Bitcoin is currently hovering around the $100,689 mark, having experienced a decline of over 2% in the last 24 hours and a more significant drop exceeding 8% throughout the week. This crucial $100,000 threshold is proving to be a vital short-term support level, yet the overall trend remains bearish.
The price has retraced from the $106,000 to $108,000 range after multiple unsuccessful attempts to break higher. Current charts indicate that this resistance area is firmly in place, maintaining downward pressure as long as Bitcoin continues trading below it.
Market analyst Ted emphasizes, “Until BTC closes a strong daily candle above the $106,000 level, expect new lows.” If the present support gives way, traders may need to brace for potential drops to $99,000, $96,000, $93,000, and possibly even $88,000.
At this moment, Bitcoin remains above the $100,000 level, but the Coinbase Bitcoin premium is showing a persistently negative trend, indicating a lack of demand from U.S. buyers. Ted further notes, “The Coinbase Bitcoin premium is still deeply negative, which shows a lack of demand.” This absence of significant buying interest, particularly from larger market players, could keep the price under pressure.
The disparity in the premium often widens during periods of market weakness. If demand does not resurface, selling pressure could intensify, especially if the critical $100,000 floor is breached.
On the other hand, some on-chain metrics suggest a different perspective. Analyst Ali indicates that traders are nearing a loss threshold where previous rebounds have occurred. The current Profit/Loss Margin stands at -11.2%, reflecting recent holders, typically in the one to three-month range. This suggests the market is approaching pain levels that have previously indicated short-term bottoms.
However, this metric has not yet reached the -12% level, leaving any potential turnaround uncertain. Overall, Bitcoin remains constrained within a narrow trading range, characterized by lower highs and minimal momentum. A closing above $106,000 is essential to alter this pattern, and without that, the broader market structure remains under pressure.
If sellers manage to push below $100,000, a descent toward deeper support levels could ensue. Unless demand resurfaces promptly, the price is likely to stay under pressure in the near term.
