Bitcoin Risks Dipping Below $100k as Key Metrics Flip Bearish

Bitcoin reclaimed its pivot point on Friday after slipping below it. It dropped to a low of 102,409 (the lowest in fourteen days) and is grappling with notable selling pressure at the time of writing. 

The bulls are yet to stage a buyback that will lead the coin to erase Friday’s losses fully. Nonetheless, the low indicates a growing appetite for more profit-taking among investors. It is worth noting that the apex coin maintained the $103k support for more than seven days. 

Other metrics support the gradual descent into bearish mode. The Crypto Fear and Greed Index slipped lower in the last 24 hours, dropping to 43 from its previous reading of 48. It remains neutral as uncertainty grows. 

A trader on X noted the growing uncertainty in the market cycle and concluded it hard to predict the best price action. Nonetheless, he stated that investors are expecting Bitcoin to crash hard. 

Recent data from Glassnode supports this speculation as the asset edges closer to a major breakout. The platform revealed the apex coin is trading above its dense supply levels between $97k and $95k, which favors the bulls. However, recent price action sees the cryptocurrency veering closer to short-term holders’ cost basis at $98k. 

A slip to this CB may lead to traders panicking and selling as speculation of a bear market increases. It will send the largest cryptocurrency to the dense supply area, guaranteeing a slip to $95k. 

Glassnode’s data coincides with recent reports from Santiment. It noted the growing selling pressure across the spot market. However, it revealed that short-term holders and wallets holding less than 10 BTC are dumping their bags. 

However, data from Coinmaketcap indicates more bulls’ participation in the market, showing a more than 26% increase in trading volume. 

Bitcoin Eyes Return to $106k

Bitcoin ended Friday with losses of almost 2%. The psychological impact on traders may play out in two ways: either rallying the market after such a decline or giving up. 

Trading activity in the early hours of Saturday suggested a desire for further upward movement. The increase in trading volume is another testament to this resolve. However, the bulls have yet to cause any significant price changes in the last 9 hours. 

The 2-hour chart prints the same readings. Nonetheless, it shows a gradual climb to $104k. The relative strength index indicates a steady increase in buying pressure over the past 4 hours. 

The moving average convergence divergence prints similar buy signals as the 12 EMA resumes its uptrend. Further price increases will result in the metric printing a full bullish convergence. 

However, most indicators on the 1-day chart are silent. The slight uptick may result in the apex coin surging above the bollinger’s middle band at $105,600. It will see the asset grapple with notable selling congestion at this price, continuing its rangebound movement. 

Conversely, Bitcoin’s slip below its seven-day low suggests an impending breakout. It is worth noting that the bulls defended the $103k support, staging a huge demand concentration around this mark. The correction below this critical level may indicate the dwindling strength around this mark. 

Previous movements hint at a possible decline to $100k. The asset may erase its current upward trajectory as selling pressure mounts

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