Bitcoin Bears Press On — Is $102,000 Flush The Final Washout Before A Rally?

Bitcoin is facing downward pressure, struggling to stay above the $108,000 level. Failure to hold this support could lead to a further decline toward the $99,000–$101,000 range. This lower range is considered a critical support zone where increased buying interest is anticipated. Conversely, reclaiming the $107,000–$108,000 level would signal a return of bullish strength. Analysts are closely watching the $102,000 support zone as a potential final washout point. A drop to this level could eliminate leveraged long positions, paving the way for a rebound. A subsequent short squeeze could then drive the price upwards significantly. However, breaking below $101,000 would indicate deeper market weakness. High-timeframe indicators still suggest a potential rebound despite current challenges. Bitcoin's price currently hovers around $104,000, reflecting a recent decline. Trading volume has increased, indicating heightened market activity.