Bitcoin falls to $98K as futures liquidations soar: Should bulls expect a bounce?

💡 DMK Insight

Bitcoin’s failure to hold key support levels is a red flag for bulls right now. The forecasted drop to $98,000 indicates a significant shift in market sentiment, especially after futures traders faced liquidations on long positions. This suggests that the buying pressure isn’t just weak—it’s evaporating. Traders should be cautious as this could lead to further declines, especially if we see more liquidation events. Watch for the $98,000 level closely; if it breaks, it could trigger a cascade effect, pushing prices even lower. On the flip side, if bulls manage to reclaim some ground, it could set up a potential bounce, but that seems unlikely given the current sentiment. Keep an eye on volume and open interest in futures as indicators of market strength or weakness. The next few days will be crucial for determining whether this is a temporary dip or the start of a more significant downtrend.