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Bitcoin (BTC) has continued its downward spiral as technical signals confirm bearish momentum for the flagship cryptocurrency. In the last 24 hours, Bitcoin dropped from an intraday peak of $111,420.48 to the $108,000 range, leaving investors wondering how low it could drop.
Analyst predicts $103K as potential Bitcoin bottom
According to an update from Michaël van de Poppe, a renowned crypto analyst, Bitcoin’s short-term trend is likely to remain bearish. He believes that the market is in a corrective phase and might stay on the downward path for a while till the price hits near $103,000.
Van de Poppe considers this level a possible "bottom out" point for BTC. He insisted that the current levels show weakness and indicate that the correction is not finished yet. To exit the current phase, the analyst noted that Bitcoin has to break above the $112,000 resistance level.
This price level has proven to be significant as Bitcoin faced rejection here. It indicates that sellers are still in control, a development that could prevent upward momentum for the asset.
Interestingly, a Bitcoin whale reportedly raked in $4 billion in profit within the last 48 hours. Such profit-taking moves could stand in the way of a quick rebound, and when it happens, the momentum would be weak, as highlighted by van de Poppe.
Institutional demand for BTC offers silver lining
As of this writing, the Bitcoin price was trading at $108,576.49, representing a 1.23% decline over the last 24 hours. Within this time frame, trading volume has climbed by 11.37% to $72.66 billion, signaling increased activity in spite of the plunge.
This might be as a result of institutional demand, which VanEck pointed out recently. According to the New York-based financial giant, many corporations are stacking up on the coin with 638,617 BTC added this year alone.
The figure has already flipped the 2024 total of 120,290 BTC, representing a five times increase so far.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team