Bitcoin is once again under heavy pressure, heading towards the $103,000 level as the broader crypto market experiences a sharp decline. After days of volatility and failed recovery efforts, BTC has lost significant support, causing fears of renewed volatility and accelerating sales in altcoins. Many major assets are showing deep losses, with traders and investors now questioning whether the market has entered a deep correction phase.
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According to the senior analyst of Axel Adlel, the main support area of Bitcoin lies between $ 106,000 and $ 107,000, the range defined by the short-term price (STH) 1M-3M to find the average price of movement (SMA 200D). This critical area represents the integration of both general support levels and technical support levels where previous fixes are historically resolved.
However, the current momentum is showing growing weakness. As panic spreads and panic dries up, all eyes are now on the $106K-107K level – a decisive battleground that can define the short-term Trajectory of Bitcoin and set the tone for the entire crypto market.
Bitcoin’s market structure is facing significant scrutiny
Adler highlights that the loss of the level of $ 106k may cause a move to $ 100,000, where the annual moving average (sma 365D) is currently – a level that is made as a springboard for the creation of large market cycles.
Despite the growing fear, Adler notes that the macro structure remains gray as long as the $100K base. This region represents the long-term interest of the buyer, and protection can reset the capital base and pave the way for a stable recovery. However, Bitcoin is already trading below the $106k mark, raising concerns that the market may be preparing for a deeper test of this critical floor.
Analysts fall into the gap now and look closely at the daily farewell candle, which will determine whether the movement below the support is a minor drift or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of continuation or confirmation of continuation of liquist. If Bitcoin fails to recover $107K LISTEN WORLDWIDE
On the contrary, a strong deception from the $100k area will strengthen the argument that the correction is part of a healthy reset within the ongoing bull market. The coming days will be decisive: Bitcoin holds this base and builds momentum, even if it breaks down, signaling that the aggressive phase of the current exchange cycle is very high.
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Bitcoin Test Support Zone Spepport Zone Adid ongoing weakness
Bitcoin continues to slide, with the latest chart showing price action around $106,000, now testing one of the most important areas of support in months. After failing to recover the $115,000 and $117,500 levels earlier this week, BTC extended its losses, touching an intraday low near $103,500 before recovering slightly. The market remains tense as traders look to see if the 200-day moving average (SMA 200D) – currently around $107,500 – will hold.
This level represents the short older (STH) price region and corresponds to the area identified by the analyst as a major structural support. A confirmed breakout below could open the door to the $100,000 test, where the one-year moving average (sma 365d) meets, serving as the next major support.
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Momentum indicators suggest that BTC is still under strong bearish pressure. The 50-day and 100-day moving averages are trending down, indicating short-term losses. Despite the fact that Bitcoin can close daily candles back at $107k, market sentiment is likely to remain cautious.
Featured image from chatgpt, chart from artIngview.com
