
Bitcoin Bull Market at Risk If $97,000 Support Fails to Hold
Bitcoin is once again flirting with the $100,000 mark, but the recent dip of 2.22% in the past 24 hours has traders on edge. The leading cryptocurrency recently bounced around an order block at $99,200, but all eyes are now on a critical support level: $97,190. According to crypto analyst Ali Martinez, Bitcoin must stay above this level to maintain its bullish trajectory. If it slips below, things could turn ugly fast.
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Why is this $97,190 level so crucial? Data from on-chain analytics platform IntoTheBlock shows that a significant portion of Bitcoin holders—about 1.45 million addresses—purchased BTC between $95,727 and $98,719. That means nearly 1.36 million BTC is concentrated in this range. If Bitcoin falls below this zone, many traders could start hitting their break-even point, leading to panic selling and a potential cascade downward. In simple terms, if Bitcoin loses this footing, the bull market could take a serious hit.
Despite the concern, bullish sentiment still dominates. Binance Futures data shows that nearly 61% of traders are betting on Bitcoin’s price going up. Moreover, the TD Sequential indicator—a well-known technical tool for spotting trend reversals—has flashed a buy signal on Bitcoin’s four-hour chart. If this plays out as expected, Bitcoin could regain momentum and push towards the $106,000 level in the near future.
At the time of writing, Bitcoin is trading at $99,403, reflecting a 2.35% decline in the last 24 hours. While volatility is nothing new in crypto, the next few days will be critical. If Bitcoin holds above $97,190, bulls could remain in control. But if it drops below, we might see some serious downside pressure. One thing’s for sure—this market is anything but boring.
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