Bitcoin Tests Critical $104K Support – Eyes On $97K If It Breaks 📉
Bitcoin is trading just above the crucial $104K support level despite multiple days of selling pressure due to escalating Middle East tensions. The cryptocurrency is down about 5% from its all-time high of $112K but remains within a broader consolidation range. Top analyst Ali Martinez points out the significance of the $104,124 level based on the Realized Price Distribution metric, suggesting strong buyer interest.
Investors are closely watching Bitcoin's response to geopolitical risks and macroeconomic signals. While BTC is showing resilience, a breakdown below current support levels could lead to deeper corrections. Conversely, a breakout could signal new highs and a potential expansion cycle for the entire crypto market.
Volume remains muted compared to previous spikes, indicating cooling panic-selling. However, Bitcoin must reclaim certain moving average zones to confirm a continuation of its bullish structure. Analysts suggest caution as the market navigates through uncertain geopolitical and macroeconomic landscapes.
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