- Bitcoin risks falling below $100K as support at $100,783 weakens amid persistent selling pressure and lack of bullish momentum.
- Technical breakdown confirmed, with lower highs and lows forming, and no strong accumulation near current price levels.
- Broader market sentiment remains cautious, with declining volumes and macro uncertainty dampening near-term upside potential.
The price action of Bitcoin continues under pressure, with the cryptocurrency plummeting 1.1% in the past 24 hours to sit at levels near $103,180. The recent price action is in the backdrop of general uncertainty in digital assets, pulling the flagship cryptocurrency toward a critical support level. Short-term momentum traders have been pointing toward a breakdown in the bullish trends, which ignited alarm on a possible fall below $100,000 in the short term.
Price Struggles as Support Levels Come Under Pressure
Over the past week, Bitcoin has shown limited upside movement, consolidating in a tightening range after a failed attempt to break above resistance at $105,888. The market has now retraced towards the $101,500 level—a zone that previously served as support and is now being retested. Price action captured in recent charts reveals a breakdown from consolidation, followed by a series of lower highs and lower lows, reflecting sustained selling pressure.
Technical indicators further confirm the weakening structure. The asset’s failure to reclaim short-term resistance has created room for additional downside. The current support level sits at $100,783. A confirmed breach of this zone could open the path toward the next major level around $97,670, a price last seen in late May. The projected trajectory shows a potential dip beneath the $100,000 psychological mark, which could carry sentiment implications beyond just technical analysis.
Broader Market Context Weighs on Bitcoin Sentiment
Bitcoin’s short-term decline is not happening in isolation. The move mirrors a broader shift in crypto market sentiment, where traders have adopted a more cautious stance amid macroeconomic uncertainties and limited inflows. Volumes have remained moderate, and there is little evidence of strong accumulation near the current price range, further limiting the odds of a quick rebound.
Additionally, the market’s failure to establish a higher low or gain traction above prior resistance suggests that buyers remain hesitant. This risk-off mood has translated into weakness across various crypto sectors, with even speculative tokens and infrastructure-related assets facing drawdowns.
Watching Key Levels as Market Awaits Direction
Market players are closely monitoring the $100,783 support level for signs of reversal. Absent volume or momentum reversal, however, technical indications show downside risks high still. If price closes below the $100K level on follow-through selling, further selling might pick up speed.
While long-term fundamentals for Bitcoin remain intact, short-term price action is cautioning against more. Traders are likely to continue to be cautious until stronger signs of support or uptrend in general market sentiment emerge.
