The crypto market just experienced a brutal correction reminiscent of the massive sell-offs in Q1. Bitcoin struggles to hold above critical levels while altcoins are bleeding. The burning question: is the legendary $100,000 threshold permanently compromised, or are we witnessing a mere technical consolidation before a new rally?
Despite this brutal correction, Bitcoin demonstrates remarkable resilience compared to altcoins. BTC dominance has climbed several percentage points, reaching levels rarely observed since the beginning of the current bull cycle. Ethereum, Solana, and Cardano have recorded losses between 12% and 18% over the last 24 hours, while Bitcoin has limited its decline to approximately 8%.
This divergence is explained by a classic phenomenon during periods of uncertainty. Investors favor the relative safety of Bitcoin, considered the safe haven of the crypto sector. Inflows to Bitcoin ETFs remain positive despite the volatility, testifying to the continued institutional confidence. On-chain data also shows that long-term holders have not given in to panic, maintaining their positions despite the turbulence.
The critical support now sits around $92,000. Breaking this level could trigger a new wave of liquidations and bring the price back to the $88,000-$90,000 zone. Conversely, a vigorous bounce above $97,000 would invalidate the bearish scenario and open the path toward a retest of $100,000.
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The question stirring the crypto community isn’t so much whether Bitcoin will cross the symbolic $100,000 barrier, but rather when. Bitcoin’s network fundamentals remain exceptionally strong: The hashrate is reaching historic highs, institutional adoption continues, and available reserves on exchanges keep decreasing. These indicators suggest structural buying pressure that should regain the upper hand once the consolidation phase is complete.
Technical analysts identify a trading range between $92,000 and $105,000 for the coming weeks. This consolidation zone is healthy after the impressive rally of recent months. The RSI on the daily timeframe has returned to neutral territory after being heavily overbought, thus offering an interesting technical growth margin.
Bullish catalysts are plentiful for the weeks ahead. Flows to US spot Bitcoin ETFs remain strong, miners continue to accumulate rather than sell their production, and the previous halving is beginning to deploy its historical effects on available supply. The scenario of Bitcoin reaching $110,000 by the end of the month remains perfectly viable according to several quantitative models, provided that the $92,000 support holds firm against current selling pressures.
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