Miles Deutsher, a crypto analyst, stated that the current price of Bitcoin is at a crucial level and suggested that if Bitcoin’s range falls to the $ 108,000 level, it could trigger a downward price trend.
The drop in BTC price to $108K could be highlighted as the beginning of Bitcoin’s fall back below the 6-figure price level, a Crypto analyst added.
Crypto analysts are warning that the current price of Bitcoin is under scrutiny, and it essentially needs to hold above $ 108,000 to eliminate the bearish spiral. In this situation, the falling prices of Bitcoin result in increased selling, which in turn pushes prices down further, developing a sustained downward trend for BTC in the cryptocurrency market, a trader said.
The concern regarding the Bearish risk encountered by Bitcoin arises from the present crypto market volatility, which has been impacted by the cause of regulatory developments and macroeconomic events.
According to a trader, BTC needs to sustain its momentum as it approaches its all-time high, so if it dips back to $108K could impact a bearish downtrend.
Since June 22, the price of Bitcoin has stayed above $100,000, except for a brief fall to $98,900 caused by the Iran-Israel conflict.
BTC Encounters $2.67 Billion in Liquidation Risk
According to CoinGlass Data, a cryptocurrency data analytics platform, about $2.67 billion in long positions will be at liquidation risk if the value of Bitcoin drops to $98,900.
A crypto analyst, Miles Deutsher, said on X (former Twitter) that it’s very difficult to be bearish on Bitcoin.
Crypto analyst Daan Crypto Trades stated the importance of maintaining an all-time high momentum of BTC in the crypto market on Thursday. A fall back to $108K could trigger a downward price trend for Bitcoin, potentially leading to further losses and pushing the price below $100k, resulting in a drop as far as $96,000, he added.
According to Daan’s chart analysis, BTC encounters a risk of a Bearish spiral if its value falls back toward $108k. The price value will reduce up to one hundred thousand dollars and possibly down as far as ninety-six thousand dollars.
On Thursday, the value of BTC reached $110,498, but has since retraced to $109,250, which is about 2.5% below its all-time high of $111,970, according to CoinMarketCap data.
The present market dynamics involving technical analysis, market sentiment, price momentum, and institutional interest in Bitcoin make it challenging for crypto enthusiasts to bearish on Bitcoin, a crypto analyst’s statement.
The conflict in the Middle East and other regulatory environmental issues are considered significant factors impacting the market sentiment of Bitcoin. The rules clarification around ETF approvals and pro-crypto regulators’ appointment has been seen as a positive development.
The proposed BITCOIN Act helps to bring the top holders of BTC internationally under the US jurisdiction, and the GENIUS Act ensures the safe issuance of stablecoins, potentially leading to enhanced institutional demand for Bitcoin.
