Bitcoin News: Bitcoin Must Hold $108K or Risk Drop Below $100K, Analyst Warns
Key Takeaways:A break below $108,000 could trigger a bearish downtrend for Bitcoin, says analyst Daan Crypto Trades.Over $2.67 billion in long positions are at risk if BTC dips below six figures.Bitcoin is currently 2.5% below its all-time high of $111,970, with $110K acting as key resistance.Other analysts remain bullish, citing ETF inflows and low exchange supply.Current consolidation behavior differs from past cycles, signaling potential deviation from historical trends.Bitcoin Must Defend $108K to Avoid Bearish Spiral, Warns AnalystBitcoin’s price faces a critical inflection point, with a drop back to $108,000 potentially setting off a broader bearish trend, according to prominent analyst Daan Crypto Trades. The warning comes as Bitcoin struggles to maintain momentum near its all-time highs.“You don’t want to see this deviate back below $108K again at this point,” Daan posted on Thursday, cautioning that a failure to hold current levels could push Bitcoin below $100,000 — and possibly as low as $96,000.Bitcoin hit $110,498 before retreating to $109,250, or 2.5% below its record high of $111,970, according to CoinMarketCap.$2.67B in Longs at Risk Below Six FiguresA retracement below $100,000 would be more than symbolic. Data from CoinGlass reveals that $2.67 billion worth of long positions would be wiped out if Bitcoin breaks through six-figure support, putting leverage-heavy traders at risk.BTC hasn’t dipped under $100K since June 22, when geopolitical tensions between Israel and Iran briefly dragged it to $98,900.Mixed Views: Bullish Catalysts Still IntactDespite the caution, several analysts remain confident in Bitcoin’s upward trajectory.Miles Deutscher stated, “It’s very hard to be bearish here.”CryptoFayz suggested that a breakout above $111,960 could push BTC to $116,000.10x Research’s Markus Thielen expects that level to be reached by the end of July, citing:Strong inflows into spot Bitcoin ETFsReduced BTC exchange supplyFed policy uncertainty boosting demand for hard assetsThis Cycle’s Consolidation Patterns Are DifferentDaan noted that while Bitcoin is still grinding higher after regaining its range, the current consolidation lacks a clear breakout, making the structure more fragile.“It is still following the same pattern where it stalls, deviates below, retakes the range and then grinds higher — but it’s missing the actual breakout and continuation.”James McKay, founder of McKay Research, also flagged that these longer consolidation phases may be pulling BTC off its traditional four-year cycle track, indicating a new market structure is emerging.BTC at a CrossroadsBitcoin’s battle around the $108K–$110K zone could define its short-term trajectory. Hold above $108K, and momentum may carry it to $116K. But lose that line, and the risk of a deeper correction back into the $96K–$98K range grows sharply — putting billions in leveraged longs on the line.
