Bitcoin Price Slips Below $102,000 — Here’s The Next Support In Sight
The Bitcoin price had a tough start to the weekend, plummeting from its $106,000 high to just above $103,000 on Friday, June 20. The flagship cryptocurrency became somewhat stable above this price zone, hovering around t...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The Bitcoin price had a tough start to the weekend, plummeting from its $106,000 high to just above $103,000 on Friday, June 20. The flagship cryptocurrency became somewhat stable above this price zone, hovering around the $104,000 mark for most of the past day.
However, the Bitcoin price faced another wave of bearish pressure in the late hours of Saturday, June 21, falling to around $101,500 as a result. Below is an analysis of the BTC price and what lies ahead for the world’s largest cryptocurrency by market capitalization.
Next BTC Support Level Lies At $100,000: AnalystPopular crypto analyst with the pseudonym Titan of Crypto put forward an interesting analysis for the Bitcoin price as the market leader struggles to build any momentum. According to the online pundit, the price of BTC could be on its way to retest a crucial support area if it continues to lose its bullish impetus.
Using the Bitcoin price chart on the weekly timeframe, the next significant support level lies around the $99,000 – $100,000 range. The confluence of the Fair Value Gap (FVG) and the rising Tenkan-sen (red line) around this price region makes the zone a significant area to watch if selling pressure persists.
The Tenkan-sen, a key component of the Ichimoku Cloud indicator, is often considered a significant line in analyzing short-term trends. The Tenkan-sen line is often seen as a key support and resistance level, as well as a signal line for potential trend reversals.
The Fair Value Gap is a liquidity void often created by a sharp movement in price, indicating a lack of trading activity within a particular price range. FVGs are usually considered as potential regions of interest for future price corrections, as investors often look to fill the liquidity void.
With the FVG and the Tenkan-sen set within this same region, Titan of Crypto noted that the Bitcoin price may find a support cushion around the $100,000. This level appears to be extremely crucial for the flagship cryptocurrency in the short term, especially as its bullish momentum wanes.
Meanwhile, holding above this $100,000 support could be critical to Bitcoin’s long-term trajectory. It is worth noting that the price of BTC has not traded beneath $100,000 since May 8, reaching the $110,000 mark twice within that span.
Bitcoin Price At A GlanceAfter falling to around $101,400 in the late hours of Saturday, the price of Bitcoin has now returned around $103,000. As of this writing, the price of BTC stands at around $102,845, reflecting a 0.4% decline in the past 24 hours.
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
US Inflation Data Shakes Crypto Market as Bitcoin Breaks Below $73K Support
The decline intensified selling pressure across the cryptocurrency market, with Ethereum, XRP, and Solana also posting substantial...
Bitcoin Drops Below $74,000 as Core Inflation Runs Above Forecasts
Bitcoin (BTC) fell about 1.2% within minutes of the October inflation report on Tuesday, touching $73,400 on Coinbase before stead...
Binance Freezes Out MEXC Four Weeks Before U.S. Transfer Ban Applies
Binance announced Tuesday that it is refusing to move money to or from the crypto exchange MEXC and its affiliated companies. The...
Crypto News Today: Waller’s Rate-Hike Warning, MARA’s $1.1B Bitcoin Sale and USDC’s EU Deadline
Crypto news today is being shaped by three different pressures on digital money: a Federal Reserve official keeping a half-point r...
PNC and Coinbase Launch USDC Payments Pilot: What Changes for Businesses?
PNC’s USDC payments pilot offers a practical version of crypto adoption: a business can receive a stablecoin payment and end up wi...
Solana Changelog Puts Faster Web3.js Builds and Validator Work in Focus
TL;DR: Solana's November 5 developer changelog highlights a collection of tooling and validator improvements rather than one headl...