Bitcoin ($BTC) came close to new all-time highs on Jan. 22 but faces the possibility of a 5% drop, with analysts warning that “the door is open” to a retest of the $100,000 support level.
According to Material Indicators co-founder Keith Alan, $100K is a key downside target, with a significant wall of bid liquidity recently removed. Binance order book data suggests that Bitcoin has thin support below current levels, while strong sell pressure remains at $110K, posing a major challenge for bulls.
Popular trader Bitcoin Munger highlighted $110K as a selling target for whales, while analyst Rekt Capital noted Bitcoin is consolidating within a $101K-$106K range. A daily close above $106K could pave the way for a breakout to new all-time highs.
“The confluent support area has enabled consolidation within the $101K-$106K range,” Rekt Capital explained, adding that a confirmed breakout above $106K followed by a retest could trigger a historic rally.
Source: Cointelegraph
