After failing to close the week above a crucial level, Bitcoin (BTC) is attempting to hold $100,000 as support, leading some analysts to suggest that this is the make-or-break moment for the cryptocurrency.
On Tuesday, Bitcoin saw a 9% drop from its weekly opening, dropping to the $100,000 area for the first time in months. The flagship crypto has been trading above $105,000 since late June, hovering between $108,000-$120,000 over the past four months.
Meanwhile, the second cluster sits around the all-time high area at $126,000. “Given that the market is looking weak now, a dump to fill the CME gap before reversal could happen,” the market watcher warned.
Per the Tuesday post, the 50-week EMA, sitting around the $100,000 level, “would probably only get tagged on confirmed breakdown from $108k,” meaning that the flagship crypto will need to close the week above this level to maintain its current price range.
The market watcher warned that losing this level would mean “it’s lights out” for the flagship cryptocurrency. However, a rebound from this area could set the stage for a price recovery and a potential bullish rally in late Q4.
As of this writing, Bitcoin is trading at $100,356, a 6% decline in the daily timeframe.
