Bitcoin (BTC) has shown a slight increase, reaching the $111,000 mark. However, traders are expressing concerns about a potential deeper drop.
Current Bitcoin Performance
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD has increased by about 1%, reaching $111,369. However, recent U.S. macroeconomic data highlights the critical support at $110,000.
Traders' Expectations and Technical Analysis
The market exhibits a range of opinions regarding Bitcoin's short-term outlook. Some traders, like Michaël van de Poppe, view the situation positively: "This is promising for $BTC. It makes a new higher low and holds support at $110K." Others, such as trader Cipher X, suggest that falling below $112,000 could lead to a correction toward $108,000.
Future Prospects
Fibonacci analysis suggests a maximum drop of 10%. Trader ZYN stated: “$BTC usually bottoms at the 0.382 Fibonacci level, currently around $100K. So the worst case scenario is a 10% drop before a 50% rally above $150,000.”
The current state of the Bitcoin market remains tense with varied opinions on potential support and resistance levels. While short-term fluctuations may be significant, many traders anticipate broader changes ahead.
