Bitcoin’s price has been consolidating around the psychological $100,000 level, making it a critical moment for the crypto market. Every time Bitcoin moves above or below this mark, it quickly returns, showing strong market indecision. But this won’t last forever – once Bitcoin makes a strong move, the entire crypto market is likely to follow.
For months, Bitcoin has been bouncing around the $100K mark, failing to break out or crash decisively. If Bitcoin sees heavy selling pressure and falls below this level, it could trigger a market-wide selloff. On the flip side, if BTC breaches its previous high of $109K, a strong bullish rally could follow, pushing altcoins higher as well.
Several negative events are weighing on Bitcoin’s price. KuCoin’s massive legal penalties, Binance’s regulatory issues in France, and overall uncertainty in the crypto space are keeping investor sentiment cautious.
After a massive price surge from $40,000 to $100,000, many traders have started taking profits, leading to a strong selloff. This has created resistance at higher price levels, making it difficult for Bitcoin to push higher.
If Bitcoin fails to break above $106K soon, it risks losing momentum and dropping below $100K. In that case, potential support levels are at $96K, $92K, and possibly even below $90K. Traders should keep an eye on key resistance and support levels, as Bitcoin’s next move will likely dictate the direction of the entire market.
