Bitcoin (BTC) price targets are now zeroing in on the sub-$100,000 range, with recent data showing that sellers are maintaining pressure on the crucial six-figure level. According to Cointelegraph Markets Pro and TradingView, despite significant volatility around Inauguration Day, Bitcoin bulls were left disappointed. Former President Trump’s speech lacked any mention of Bitcoin, crypto, or even a potential U.S. strategic reserve involving digital assets, further weighing on the market.
As a result, the cryptocurrency market saw a sharp decline in long positions, with crypto-long liquidations reaching around $500 million, according to data from CoinGlass. Traders are now eyeing liquidity targets within the mid-to-high $90,000 range, with some predicting a sweep of these levels before any potential bullish reversal.
“I’d take a long from 99.5K if offered,” trader Crypto Chase shared on X, while highlighting the importance of the gray box holding for local bullishness. He also noted that a dip to the low $97,000s could still be acceptable but warned that any significant time spent below the $96,000–$97,000 range would lead to reevaluating the market outlook.
Fellow trader XO echoed similar thoughts, noting that Bitcoin’s price range from December, between $90,000 and $108,000, remains key. “For now, the market will keep both bulls and bears speculating,” they said, indicating that any break outside this range could trigger a significant trend shift.
Also Read: Will Bitcoin Price Drop Below $100K Again? Key Factors Driving BTC’s Latest Dip
With Bitcoin’s Choppiness Index signaling an end to the period of sideways movement, analysts like Matthew Hyland are turning their attention to the 10-day simple moving average (SMA), currently hovering around $99,969. Hyland noted that Bitcoin’s trajectory over the next few days could determine whether it will break upward again or dip below resistance levels. As volatility intensifies, Bitcoin’s next moves could pave the way for the next phase of price discovery.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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