Bitcoin Dumps Below $97K—Dragonfly Calls It the ‘Easiest Bear Market’

💡 DMK Insight

Bitcoin’s drop below $97,000 is a significant psychological blow, breaking the $100,000 support level. This breach could trigger further selling pressure, especially among retail traders who may panic at the sight of such a critical level being violated. Historically, breaking key support levels often leads to cascading sell-offs, as stop-loss orders get triggered and fear spreads. Traders should monitor the $95,000 level closely; if it holds, we might see a consolidation phase, but if it breaks, the next target could be much lower. On the flip side, this could also present a buying opportunity for those with a longer-term outlook, especially if Bitcoin’s fundamentals remain strong. Keep an eye on volume metrics—if selling pressure decreases and buying interest picks up, it could signal a potential reversal. Watch for any news or developments that could influence market sentiment, as external factors often play a crucial role in price movements.