Bitcoin holds key support near $100,910, with $102,077 resistance critical for sustaining bullish momentum amid market volatility.
BTC dominance rises, pressuring altcoins while Bitcoin stabilizes; traders are advised to limit exposure and use low leverage.
A breakdown below $85,072 could signal a bearish shift, with the Fair Value Gap between $74,416 and $70,577 as a key watch area.
Bitcoin’s price action signals heightened market risk following a breakout with mixed daily candle patterns. Cryptorphic, a crypto analyst, highlights a 4.41% daily decline, with BTC closing at $101,458 after a rejection near $106,524. This pullback cautions traders, particularly in the context of rising BTC dominance and ongoing altcoin bleeding.
Key Support and Resistance Levels in Focus
Bitcoin's price structure remains intact within an ascending channel. The immediate support lies near $100,910, aligning with the 21-day EMA. This level previously acted as a solid support zone. Below it, the 50-day EMA at $99,478 offers another safety net. Analysts emphasize that holding these levels is crucial for maintaining bullish momentum.
Additionally, BTC’s recent rejection near $106,524 highlights resistance at higher levels. A sustained recovery above $102,077 is essential for a continuation of the upward trend. Meanwhile, a breakdown below $85,072, the invalidation point, could spell trouble for the current bullish structure.
https://twitter.com/Cryptorphic1/status/1869498809677705374 Fair Value Gap and Market Sentiment
A Fair Value Gap (FVG) between $74,416 and $70,577 remains a key area to watch if the price retraces further. This inefficiency in previous price action could attract market participants in the event of a deeper correction. However, the broader trend remains bullish, characterized by higher highs and higher lows, supported by October's mid-month rally.
Cryptorphic shows the need for traders to adopt caution in futures trading. He advises limiting exposure and using low leverage. The analyst notes that BTC dominance’s rise may benefit Bitcoin but pressures altcoins, causing gradual losses across the board.
Market Outlook and Future Scenarios
In the short term, holding $100,910 support will be crucial for BTC to stabilize and potentially retest resistance at $102,077. If BTC dominance declines, altcoins may recover, offering a window of opportunity. Conversely, a breakdown below $85,072 could expose the price to the FVG range, marking a bearish shift.
Traders are advised to monitor the daily candle structure and levels for informed decisions. Cryptorphic remains optimistic but stresses that patience and strategic planning are paramount in such a volatile market.
The post BTC Holds $100,910 Support as Altcoins Bleed, What’s Next for Traders? appeared first on Crypto News Land.
