Bitcoin Pauses Below $106K as Analyst Reveals Key Support Level To Watch
Bitcoin's price struggles to regain momentum after reaching an all-time high above $111,000, currently trading at $105,381, reflecting a 1.2% daily increase but a 5.8% decrease from its peak. The market remains stable, with the Crypto Fear & Greed Index in the neutral zone, indicating no euphoric buying phase. Analysts highlight $96,700 as a critical support level for short-term investors, aligning with their average acquisition price and potentially serving as a rebound zone. Rising Bitcoin dominance pressures alternative cryptocurrencies like Ethereum, leading to liquidity fragmentation in the broader market. Accumulation activity suggests institutional involvement, with significant transfers of Bitcoin to wallets associated with Tether-backed entities, indicating strategic acquisitions rather than cold storage adjustments. This accumulation may signal long-term interest in Bitcoin despite short-term price fluctuations.
