Will Bitcoin Price Dip Below $100k This Week?
Bitcoin is trading steadily around $100,000, with minimal recent movement, suggesting a calm before a potential major move. Analysts note that Bitcoin has decoupled from the M2 money supply, likely persisting until new liquidity from the Federal Reserve arrives next year. Technical indicators like the RSI suggest a stable but heavy setup, with the price range hovering between $90,000 and $120,000, and shorter-term trading between $103,000 and $112,000. A breakout above $112,000 may spark a rally, while a drop below $103,000 could push prices toward $99,000. Despite the quiet market, holding above $100,000 reflects strong support levels.
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Bitcoin Steady Around $100K
Bitcoin is trading steadily around the $100,000 mark, showing little movement over the past few days. The market feels slow and quiet, but this calm could be setting the stage for the next big move. One market analyst noted that Bitcoin's price has now moved independently of the M2 money supply. This disconnect might persist as the Federal Reserve isn’t expected to add fresh liquidity until next year. When that occurs, Bitcoin may start climbing again. For now, the price is likely to remain within a range of $90,000 to $120,000.
Key Support at $100K
The $100K area has become an important zone for Bitcoin, acting as a solid base where buyers have consistently stepped in. On the weekly chart, Bitcoin is hovering close to long-term support levels, such as the 55-week moving average and an RSI level that has remained firm historically. This support underscores the significance of this level for Bitcoin in maintaining its stability.
Oversold Levels Bring Hope
Bitcoin’s technical setup appears heavy but stable. The weekly RSI is within a support zone, and the stochastic RSI is near its bottom range. Historically, these conditions have indicated moments when Bitcoin found its footing during previous cycles. Even the ominous 'death cross' — a bearish technical signal — has in this cycle frequently been followed by rebounds rather than crashes, offering some hope for a potential turnaround.
Price Zones to Watch
Currently, Bitcoin is oscillating between $103,000 and $112,000. A breakout above $112,000 could trigger a short-term rally, while a slip below $103,000 might push the price toward deeper support near $99,000. For now, the price remains rangebound and relatively quiet, which often precedes larger trends. The market's ability to hold above $100K suggests that this area is seen as strong support by investors.
Calm Before the Next Big Move
Even though the market appears dull at the moment, such sideways trading often precedes significant shifts. Bitcoin holding above $100K shows resilience and gives no definitive signals yet. A clear breakout, whether upward or downward, will determine the next phase of its price action.