Bitcoin Falls Below $106K as Selling Pressure Intensifies
Bitcoin has dropped sharply in the last 24 hours, falling below the crucial $106,000 level to trade at $105,407, marking a 2.39% daily decline, according to CoinMarketCap data.
This latest price action signals increased short-term bearish pressure following a volatile week for the top cryptocurrency.
Price Action and Key Technical Zones
The chart shows Bitcoin briefly attempting to reclaim the $108,000 range during mid-day trading before encountering strong resistance and cascading downward. BTC began the day near $108K but failed to hold support around $107K, triggering a selloff that dragged the price beneath $106K.
The next critical support levels lie at:
- $103,000, which aligns with the last visible accumulation zone
- $101,200, seen as mid-range support
- $100,000, a key psychological and technical threshold
To regain upside momentum, Bitcoin must recover above $106,500 and push toward $108,500. A daily close above that range would invalidate the current downtrend and possibly invite renewed buying interest.
Market Metrics Remain Active
Despite the price drop, Bitcoin’s 24-hour trading volume surged to $56.11 billion, up 12.74%, suggesting elevated market activity. The total market cap slipped to $2.09 trillion, while BTC’s circulating supply remained at 19.87 million coins, nearing its 21 million max cap.
The Volatility/Mcap ratio of 2.69% reflects sharp intraday moves, hinting at speculative positioning and potential for further swings ahead.
What to Watch Next
- $100K as Psychological Support: A breakdown below $100,000 could accelerate bearish sentiment and trigger wider liquidations.
- Volume Trends: Sustained high trading volume during a downturn may indicate capitulation — or institutional repositioning.
- Macro Catalysts: Rate cut expectations, ETF inflows, and regulatory headlines remain wildcards influencing Bitcoin’s near-term direction.
Conclusion
Bitcoin’s retreat below $106,000 signals a notable shift in short-term momentum, placing bulls on the defensive. While longer-term fundamentals remain intact, traders should brace for increased volatility as BTC approaches crucial support near $100,000.
Let me know if you’d like a version with a different angle (e.g. investor-focused, institutional, beginner-friendly), or want to include predictions or analyst commentary.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
