Key Takeaways:
- Bitcoin price retraces from $107,115 peak to $102,554
- Market cap stands at $2.03 trillion with $47.58B 24-hour volume
- Critical support levels emerge at $102,000 and $98,000
Bitcoin’s price action has taken a significant turn as the leading cryptocurrency experiences a sharp correction from its local high of $107,115. As recent analysis predicted the possibility of a pullback at the $107K level, traders are now closely monitoring key support zones.
The flagship cryptocurrency is currently trading at $102,554, representing a notable decline from its recent peak. With a substantial market capitalization of $2.03 trillion and a 24-hour trading volume of $47.58 billion, the market shows significant liquidity during this correction phase.
Technical Analysis and Market Structure
The recent rejection from $107,115 has established a clear resistance zone, with increased selling pressure visible across multiple timeframes. This price action aligns with previous predictions of potential resistance at the $106.5K level.
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Support Levels and Price Targets
Key support levels to watch include:
- Primary support: $102,000
- Secondary support: $98,000
- Major support: $95,000
Market Sentiment and Volume Analysis
The current retracement comes amid mixed market sentiment, with institutional interest remaining strong despite short-term price volatility. The substantial trading volume suggests active market participation during this correction phase.
FAQ Section
Q: What caused Bitcoin’s price to drop from $107K?
A: The rejection at $107,115 triggered profit-taking and increased selling pressure across major exchanges.
Q: What are the key support levels to watch?
A: Primary support lies at $102,000, with additional support zones at $98,000 and $95,000.
Q: Is this correction likely to continue?
A: Market indicators suggest a period of consolidation may be necessary before determining the next major trend direction.