Bitcoin Price Analysis: $100K Breakdown Looms for BTC if This Support Fails
Main Idea
Bitcoin (BTC) faces selling pressure due to geopolitical concerns but may consolidate near a key support zone, while exchange inflows and whale activity indicate potential downside risk.
Key Points
1. BTC broke below the $114K support level amid fears over the Russia-US nuclear conflict, now approaching a major support zone between $111K and $112K.
2. A breakdown from a bullish flag pattern led to a steep decline, with the 0.618 Fibonacci retracement level acting as a potential support.
3. Exchange Netflow data shows 16,417 BTC flowed into exchanges, the highest daily inflow since mid-July, indicating increased selling pressure.
4. The Exchange Whale Ratio surged above 0.70, suggesting significant whale activity, which historically precedes further downside risk if sustained.
5. Short-term consolidation is expected, but persistent bearish momentum could trigger another sell-off targeting levels below $111K–$112K.
Description
Bitcoin came under notable selling pressure following heightened geopolitical concerns stemming from the escalating conflict between Russia and the United States over nuclear threats. Despite the bearish momentum, the cryptocurrency has now reached a key support zone, expected to hold in the short term. Technical Analysis By ShayanMarkets The Daily Chart After a prolonged consolidation within the $116K–$123K range, BTC encountered heavy selling pressure, driven by escalating concerns over the Ru...
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