Bitcoin Price Analysis: Is BTC At Risk Of A Drop Below $100,000?

Bitcoin (BTC) traded around the $108,000 mark over the weekend as price action remained steady after a week of volatility and selling pressure. The flagship cryptocurrency is marginally down over the past 24 hours, trading around $108,417 after reaching an intraday high of $109,445. 

BTC faced substantial selling pressure all week, slipping below the $110,000 mark. Analysts have highlighted that it risks dropping below $100,000 if a key support level breaks. 

Bitcoin (BTC) Surge Has Led To Booming Demand For Luxury Travel 

Several private jet and ultra-luxury cruise operators have begun accepting cryptocurrency payments thanks to a surge in demand from travelers who have registered a significant jump in fortune thanks to skyrocketing Bitcoin prices. Flexjet chair Kenn Ricci called the demand “tremendous,” adding that it prompted Flexjet-owned FXAIR to accept crypto as payment. FXAIR charges $80,000 for a trip from Farnborough airport, near London, to New York City. Ricci stated that Flexjet has registered a substantial jump in bookings from entrepreneurs in Bitcoin and crypto. 

“Young entrepreneurs in the bitcoin space [who] fly farther and want larger planes. We save them time . . . And time is the most precious luxury.”

Paul Charles, chief executive of luxury travel consultancy PC Agency, believes individuals who have seen the value of their holdings grow exponentially are not hesitating to spend on luxury cruises, hotels, and private jets. 

“Those who are seeing the value of their bitcoin grow rapidly are spending it on private jets, luxury hotels, or luxury cruises. There is a younger generation that’s grown up that is desperate to travel, to not be stuck with the humdrum and the usual.”

Galaxy Digital Sells 1,167 Bitcoin (BTC) 

Bitcoin (BTC) has faced tremendous volatility over the past few days and lost the crucial $110,000 level on Friday. This has sparked concerns among investors that the bull rally is losing momentum. However, markets remain divided, with some pressing the panic button, while others calling the downtrend a healthy market correction within a broader uptrend. The revelation that Galaxy Digital has been selling its holdings has added to market uncertainty. 

According to CryptoQuant, Galaxy Digital has sold around 1,167 BTC, adding more selling pressure on an already jittery market. The sale comes as BTC tests key support levels after dipping below $110,000 on Friday, when it plunged nearly 4%. The sale has prompted speculation that other institutions could also sell their holdings and lock in their profits. 

Broader market context makes BTC’s decline significant, with Ethereum (ETH) emerging as a hot favorite among investors after the passage of the GENIUS Act. The world’s second-largest cryptocurrency set a new all-time high as investor interest surged, with capital being rotated from Bitcoin to Ethereum. 

Bitcoin (BTC) Price Analysis 

The next few sessions are make-or-break for Bitcoin (BTC). If the flagship cryptocurrency can reclaim and close above $110,000, it could restore market confidence and indicate that the recent decline was a profit-taking exercise instead of a deeper downturn. However, if selling pressure persists and BTC slides below $100,000, it could start a deeper correction, with market sentiment worsening. 

The flagship cryptocurrency faced considerable volatility and selling pressure over the past seven days. It plunged to an intraday low of $110,635 on Sunday before settling at $113,478, ultimately dropping 1.65%. Selling pressure intensified on Monday as the price fell almost 3% to $110,127. Despite the selling pressure, BTC recovered on Tuesday, rising 1.51% to reclaim $111,000 and settle at $111,788. The price was back in the red on Wednesday, dropping 0.48% to $111,253.

Source: TradingView

BTC rebounded on Thursday, rising 1.19% and settling at $112,574. Selling pressure returned on Friday as the flagship cryptocurrency dropped nearly 4%, slipping below $110,000 and settling at $108,378. Price action flipped to positive on Saturday as BTC rose 0.41% to $108,827. However, it is back in the red during the ongoing session, marginally down, and trading around $108,367.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.