This past weekend, Bitcoin found itself under heavy pressure, failing to break above the $110,000 mark for much of the time.
The prolonged stagnation has sparked fear among investors, pushing the Fear and Greed Index into the “Fear” zone—a five-month low.
For traders and crypto enthusiasts, the next movement of Bitcoin could set the tone for the wider market, making the current price level a critical decision point.
Bitcoin Price Hits a Make-or-Break Level
Crypto analyst Weslad shared an in-depth analysis on TradingView, highlighting that Bitcoin is now sitting at a crucial juncture.
The price currently hovers near a major supply zone, where any strong rejection could trigger a swift drop.
Despite this, the cryptocurrency is still holding above a key demand range between $106,269 and $108,715—a historically strong support area for Bitcoin bulls.
This zone has often acted as a launchpad for major upward moves, making it a vital point for maintaining the primary uptrend.
If the bulls can successfully defend this range and generate a strong bounce, Bitcoin could be on track to surpass its previous all-time high of $124,000.
Analysts suggest that a sustained rally could even push the price toward the $135,627-$139,616 range—a potential gain of more than 20% from current levels.
Bears Remain Ready to Strike
While the demand zone offers hope for bullish momentum, there’s still a real threat from the bears.
Weslad points to the recent rejection at the $117,000 supply zone as evidence that sellers are actively defending key levels.
Should selling pressure persist, Bitcoin risks breaking below the $106,269-$108,715 demand zone.
If that occurs, analysts warn of a possible 10% drop, which could send the cryptocurrency toward $98,384.
This would also mean Bitcoin losing the symbolic $100,000 threshold for the first time in over three months, amplifying market anxiety.
Market Implications and Takeaways
The current scenario highlights the delicate balance between bullish support and bearish resistance.
Investors and traders are closely watching how Bitcoin behaves around these levels, as the next move could shape short-term market trends.
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