Bitcoin Holds $104K Support — But Drop Toward $97K Looms if Broken, Analysts Warn
Bitcoin’s price is now sitting around a critical on-chain support zone near $104,124, according to analyst Ali Martinez.
Based on Glassnode’s UTXO Realized Price Distribution (URPD), this level represents a major cluster of investor positions—making it a key line in the sand for bulls.
If this support fails, Martinez warns that Bitcoin could swiftly fall toward $97,405, where another large concentration of buyer activity historically resides.
Caution Signals From the Weekly Chart
Echoing this caution, trader Daan Crypto Trades highlights indecisiveness on Bitcoin’s weekly chart. BTC posted a “flat week with big wicks,” following a failed breakout above $108K and a bounce from $100K in the previous week.
According to Daan, unless BTC can break and hold above $108K, traders should remain cautious.
“Until then, I will sit on the stables I have with lower spot exposure (but still some),” Daan added.
Key Levels to Watch
- Support: $104,124 (on-chain cluster), followed by $97,405
- Resistance: $108,000 – needed for renewed bullish confirmation
- Previous ATH: Near $104,775, still acting as psychological resistance
Conclusion
Bitcoin’s recent failure to reclaim $108K and its stall near $104K paints a picture of hesitation. With heavy realized volume at current levels, bulls must defend $104K to prevent further downside. If this zone breaks, $97K could be the next magnet for price.
Traders are advised to monitor both on-chain positioning and weekly technical structure as BTC tests a key inflection point.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
