{"id":111106,"date":"2025-11-06T23:00:25","date_gmt":"2025-11-06T23:00:25","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=111106"},"modified":"2025-11-06T23:00:25","modified_gmt":"2025-11-06T23:00:25","slug":"bitcoin-near-breaking-point-as-it-tests-its-most-crucial-support-line-analyst","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=111106","title":{"rendered":"Bitcoin Near Breaking Point As It Tests Its Most Crucial Support Line\u2014Analyst"},"content":{"rendered":"

Bitcoin fell to a five-month low before staging a modest recovery, testing a crucial support line<\/a> that traders say could decide the short-term fate of the bull market.<\/p>\n

According to Crypto Onchain, Bitcoin hit an intraday low of $98,900 before buyers pushed the price back above $101,000 and later to $103,400<\/a> at the time of writing.<\/p>\n

The top coin\u2019s year-to-date gain sits at close to 10% after peaking at an all-time high of $126,300 in October.<\/p>\n

Bears Break $107,000 Fortress<\/h2>\n

Based on analysis from Crypto Onchain and on-chain data provider CryptoQuant<\/a>, Bitcoin lost the $107,000 support after roughly 130 days of trading in a band between that level and $123,000.<\/p>\n\n

The move sparked heavy liquidations in the futures market. About $640 million in long positions were wiped out over a 24-hour stretch.<\/p>\n

That figure, market watchers say, is the second-largest daily long liquidation event since June 2021. The October 10 event remains the largest on record for comparison.<\/p>\n

The $101,000 level has taken on extra meaning. Traders point out that bulls stepped in near $98,000 and pushed the market back toward the lower trendline of a long-term ascending channel that has held since October 2023.<\/p>\n

Reports have disclosed that defending this channel bottom would be read as a bullish sign, while a close below it could signal deeper losses and a break in the market structure that has supported the rally.<\/p>\n

CME Gap Could Pull Price Lower<\/h2>\n

A nearby gap on the CME futures chart sits between $92,000 and $93,000, roughly 10% from current prices, and some analysts are watching that area closely.<\/p>\n

Historically, Bitcoin has often filled such gaps before resuming its next leg up, and the gap is now a possible target if bearish pressure continues.<\/p>\n

At the same time, strong buying interest around the $101,000 zone could halt any slide and force prices back up.<\/p>\n

Liquidations And Market Mood<\/p>\n

The cascade of liquidations<\/a> amplified selling pressure, particularly among highly leveraged traders. Futures positions were forcefully closed, and this intensified the intraday drop.<\/p>\n

Yet buyers were quick to take advantage of the lower levels, and the rebound to $103,000 level showed a degree of demand at current prices. Volume and near-term momentum will be key in determining whether that demand is durable.<\/p>\n

Market participants say the most important signal will be a daily close relative to the ascending channel\u2019s lower trendline around $101,000.<\/p>\n

A sustained close above that mark would likely be read as a buying chance, while a decisive break and continued selling could open the path toward the CME gap near $92,000\u2013$93,000.<\/p>\n

Broader moves in US equities and large trader activity are also being monitored, since they helped trigger the recent pullback.<\/p>\n

Featured image from Unsplash, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin fell to a five-month low before staging a modest recovery, testing a crucial support line that traders say could decide the short-term fate of the bull market. According to Crypto Onchain, Bitcoin hit an intraday low of $98,900 before buyers pushed the price back above $101,000 and later to $103,400 at the time of […]<\/p>\n","protected":false},"author":0,"featured_media":111107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-111106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/111106"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=111106"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/111106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/111107"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=111106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=111106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=111106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}