Is Bitcoin's Bull Market Hanging by a Thread? Key Support Level at $97,190 Under Threat!

Bitcoin's Current Volatility

Bitcoin is currently retesting the psychological $100,000 price level, having experienced a 2.22% decline in the past 24 hours. Recently, Bitcoin bounced back around $99,200, showcasing its intense volatility.

Key Support Level at $97,190

Crypto analyst Ali Martinez has identified $97,190 as a crucial support level that Bitcoin must maintain to preserve its bullish trajectory. This assessment comes amidst sharp price fluctuations that are testing investor sentiment, yet optimism persists among traders betting on Bitcoin's upward trend.

Importance of Holding Above $97,190

Martinez emphasizes that holding above $97,190 is vital for sustaining the bull market. Data from IntoTheBlock reveals that about 73% of addresses that purchased Bitcoin in the current trading range are currently in profit. Approximately 1.45 million addresses bought Bitcoin between $95,727 and $98,719 at an average price of $97,190, representing a densely concentrated holding area.

If Bitcoin fails to stay above this level, it could lead many holders to break-even, increasing the risk of panic selling and downward pressure on prices.

Bullish Sentiment on Binance Futures

Despite concerns over Bitcoin's support, market sentiment remains largely optimistic. Data from Coinglass shows that 60.94% of traders on Binance are betting on further upside. Additionally, a buy signal from the TD Sequential indicator has appeared on Bitcoin's four-hour chart, indicating potential trend reversals and price recoveries.

If this pattern holds, Bitcoin could see renewed buying pressure, possibly leading to a retest of the $106,000 level. As of now, Bitcoin is trading at $99,403, reflecting a decline of 2.35% in the last 24 hours.

Image from Neon Dreams, chart from TradingView