If Bitcoin Price Loses $107K Support, It May Slip To…

Bitcoin price went through a topsy-turvy phase lately, after hitting a new ATH recently. Although BTC soaring past the $111k mark has fueled speculations over a continuing rally, the recent consolidated movements have raised concerns.

Amid this, renowned market experts are eyeing the $107k level as a brief support for the flagship crypto. So, here we explore how low Bitcoin can fall if it loses the support ahead.

Bitcoin Price In Red: What Lies Ahead?

BTC price today slipped around 0.3% and exchanged hands at $108,550 during writing, and its one-day volume was up 2.5% to $53.14 billion.

The 24-hour high and low for Bitcoin price was recorded at $109,073 and $106,812, respectively. However, in the monthly chart, it has added around 14%, rallying straight from $95k.

As BTC price fell below the $107k mark, analysts have revealed a stark warning for the crypto ahead. Although the institutional interest remained strong, the technical charts are showcasing a potential risk ahead for the crypto.

What If BTC Price Loses The $107k Support?

As BTC tests the $107k support, analyst Michael van de Poppe warns that future movements may not be smooth. In a recent X post, the expert noted that while Bitcoin price continues its “upward grind,” the $107,000 level acts as a key support level.

He warned that “If this green block (support) is lost, you’ll see fast wicks occur”, indicating a likely drop that may quickly recover as traders might rush back in. According to his chart, a dip below $107k would trigger volatile trading.

Meanwhile, Van de Poppe also said that $97,424 serves as the next significant support. If BTC price fails to hold that level, it could lead to deeper plunges, with $91,701 and $86,951 emerging as possible downside targets.

Echoing a similar sentiment, renowned expert Ali Martinez said that “all eyes are on the $106,800 support level.” Martinez noted that if Bitcoin price loses this support, it “could trigger increased volatility.”

Can Institutional Support Save the Day for BTC Price?

The institutions are betting heavily on the flagship crypto, as evidenced by the recent capital influx. According to Farside Investors’ data, the US Spot Bitcoin ETF recorded an inflow of $432.7 million on May 28, with BlackRock’s IBIT alone providing $481 million.

Looking at the weekly data, the investment instrument’s influx totaled $818 million. Besides, BTC ETFs have continued to see capital influx consistently for the last ten days, since May 14. Besides, derivatives data also signals a positive momentum ahead for the crypto.

According to CoinGlass data, BTC Futures Open Interest sits at $78 billion, signaling increasing confidence among market participants. On the other hand, Ali Martinez noted that more than 30,000 Bitcoin had moved out of exchanges last month.

This outflow from the exchanges also indicates that the interest is still high in the flagship crypto. However, despite that, investors are watching the current movements of Bitcoin price, as dropping below the $107k support could trigger a massive selloff in the market.

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