These Are Bitcoin’s Most Important Support Levels if $100K Cracks: Analyst

Bitcoin dropped below $100,000 on a couple of occasions in the past week for the first time since June, which triggered a fresh wave of uncertainty among market observers and participants regarding the bull market’s state.

One of the popular analysts, Ali Martinez, outlined the most crucial support levels if the $100,000 level indeed cracks and BTC decisively enters a five-digit price territory.

https://twitter.com/ali_charts/status/1986909272601690376?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

The first one was actually tested during the Tuesday evening crash when BTC dipped below $99,000. So far, it has managed to hold, but if it gives in, then the next ones are situated far below, which would essentially mean the end of the bull market.

However, it’s not all worrying news. Data shared by CW shows that the apparent demand for the asset has returned after a few weeks of obvious absence. The graph below demonstrates that each phase of substantial negative apparent demand has been followed by the complete opposite, which could spell good news for BTC in the short term.

https://twitter.com/CW8900/status/1987132510577561631?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

If bitcoin indeed heads for a more sustained market recovery period, the first major resistance on its way up is at $106,000, followed by $111,600, where more than 140,000 BTC was accumulated. Martinez outlined this level as a “strong resistance barrier” due to this cluster of units purchased at around those levels.

As of press time, BTC remains sideways at around $102,000 after a massive 17.5% decline in the past month. Its market cap sits at $2.030 trillion after it dipped below the crucial $2 trillion level.

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