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Figure Heloc The analytics firm warns that Bitcoin’s failure to reclaim the $113K cost basis may lead to a far deeper retracement amid long-term holder selling and fragile sentiment.
💡 DMK Insight
Bitcoin’s struggle to reclaim the $113K cost basis is a red flag for traders. If long-term holders start selling, we could see a significant drop in price, especially with current fragile market sentiment. This level is crucial; failing to hold it could trigger a cascade of sell-offs, pushing Bitcoin into deeper retracement territory. Traders should keep an eye on volume and sentiment indicators—if we see increased selling pressure, it might be time to reassess positions. On the flip side, if Bitcoin manages to reclaim and hold above $113K, it could signal a buying opportunity for those looking to capitalize on a potential rebound. Watch for key support levels around $100K and resistance near $120K to gauge the next moves in this volatile environment.
📮 Takeaway
Monitor Bitcoin’s price action around the $113K level; a failure to hold could lead to deeper retracement and increased selling pressure.
