Bitcoin is currently testing a crucial support level near $104,124, identified through on-chain analysis as a significant concentration of investor positions. Market analysts warn that failure to maintain this level could trigger a decline toward the next major support zone at $97,405, historically recognized as a strong buyer accumulation area.
Technical analyst Daan Crypto Trades observed indecision in Bitcoin’s weekly chart following a rejected breakout attempt above the $108,000 resistance level. He advises traders to exercise caution until decisive price action materializes, noting that sustained trading above $108,000 would signal renewed bullish momentum.
The cryptocurrency now stands at a technical inflection point according to on-chain metrics and chart indicators. Market participants are recommended to closely monitor these critical price thresholds and implement appropriate risk management strategies amid the current volatility.