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Bitcoin failed to find support at $107,000 as its rebound stopped short of a bull market comeback; analysis warned of new “OG selling pressure” to come.
💡 DMK Insight
Bitcoin’s inability to hold above $107,000 is a red flag for bulls right now. The recent failure to establish support at this level suggests that selling pressure, particularly from early investors, could intensify. This ‘OG selling pressure’ indicates that those who bought in at lower levels might be looking to cash out, which could lead to further declines. If Bitcoin can’t reclaim this level soon, traders should brace for potential dips that could test lower support zones. Watch for the $100,000 mark as a critical psychological level; a breach below could trigger more panic selling. On the flip side, if Bitcoin manages to rally back above $107,000, it could signal a short-term buying opportunity, but traders should be cautious of the overhead resistance that might come into play. Keep an eye on trading volumes and market sentiment, as these will provide clues on the strength of any potential rebound.
📮 Takeaway
Watch for Bitcoin’s ability to reclaim $107,000; failure to do so could lead to a test of $100,000.
