Crypto market analysts are eyeing yet another Bitcoin flush close to $104,000 earlier than the crypto bull market may have an opportunity to restart, primarily based on historic patterns.
Bitcoin’s long-term help technical indicator is the 50-week easy shifting common, and that at present stands at round $102,500 in response to TradingView.
It has served as stable help 4 instances because the bull market started in mid-2023 and is prone to be revisited once more, analysts mentioned.
There’s nonetheless numerous leverage out there and a big liquidity cluster round $104,000, noticed analyst ‘Sykodelic’ on Thursday.
“I do know its not what any holder needs to listen to, however very possible we take that out.”
“The market at all times feels the worst proper earlier than it reverses,” the analyst added earlier than observing that the final two instances Bitcoin (BTC) markets hit the indicator have been in April 2025, when it fell to $74,000 and August 2024, when it crashed to $49,000.
“Each instances, sentiment was completely fried, similar to it’s now. After which every time, it reversed onerous after tagging that degree.”
Closing phases of correction
Different analysts, resembling ‘Negentropic’, shared the bearish sentiment, stating that this would be the remaining flush.
“We’re seeing a repeat of the ultimate phases of correction in September, it looks like the revenue taking this time round is much less intensive.”
The analyst added that the present setup “opens the door to $102,000,” and we’re very shut now to a bigger reversal.
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“Bitcoin could retrace to $104,000 as a part of a wholesome market correction, pushed by profit-taking and macroeconomic uncertainties. Nevertheless, the underlying fundamentals and institutional curiosity stay strong, setting the stage for a robust resumption of the bull market,” director at LVRG Analysis Nick Ruck instructed Cointelegraph.
Fellow analyst ‘Daan Crypto Trades’ recognized the 200-day exponential shifting common as a key space of help throughout most of this cycle. “There was some chop round it throughout unsure instances, however in the long run worth by no means misplaced the development for greater than a month,” he mentioned.
BTC dealing with resistance
Bitcoin has remained comparatively secure over the previous 24 hours, hovering across the $108,000 degree, which is a key support-turned-resistance zone.
It briefly spiked to $113,000 on Tuesday however rapidly fell again to $107,000 earlier than settling on the resistance degree, the place it has began to consolidate.
