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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Price Slips Below $102,000 — Here’s The Next Support In Sight

Opeyemi Sule
Opeyemi Sule
2 months ago
2 mins read
Bitcoin price

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The Bitcoin price had a tough start to the weekend, plummeting from its $106,000 high to just above $103,000 on Friday, June 20. The flagship cryptocurrency became somewhat stable above this price zone, hovering around the $104,000 mark for most of the past day.

However, the Bitcoin price faced another wave of bearish pressure in the late hours of Saturday, June 21, falling to around $101,500 as a result. Below is an analysis of the BTC price and what lies ahead for the world’s largest cryptocurrency by market capitalization.

Next BTC Support Level Lies At $100,000: Analyst

Popular crypto analyst with the pseudonym Titan of Crypto put forward an interesting analysis for the Bitcoin price as the market leader struggles to build any momentum. According to the online pundit, the price of BTC could be on its way to retest a crucial support area if it continues to lose its bullish impetus.

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Using the Bitcoin price chart on the weekly timeframe, the next significant support level lies around the $99,000 – $100,000 range. The confluence of the Fair Value Gap (FVG) and the rising Tenkan-sen (red line) around this price region makes the zone a significant area to watch if selling pressure persists.

The Tenkan-sen, a key component of the Ichimoku Cloud indicator, is often considered a significant line in analyzing short-term trends. The Tenkan-sen line is often seen as a key support and resistance level, as well as a signal line for potential trend reversals.

The Fair Value Gap is a liquidity void often created by a sharp movement in price, indicating a lack of trading activity within a particular price range. FVGs are usually considered as potential regions of interest for future price corrections, as investors often look to fill the liquidity void.

Bitcoin price
Source: @Washigorira on X

With the FVG and the Tenkan-sen set within this same region, Titan of Crypto noted that the Bitcoin price may find a support cushion around the $100,000. This level appears to be extremely crucial for the flagship cryptocurrency in the short term, especially as its bullish momentum wanes.

Meanwhile, holding above this $100,000 support could be critical to Bitcoin’s long-term trajectory. It is worth noting that the price of BTC has not traded beneath $100,000 since May 8, reaching the $110,000 mark twice within that span.

Bitcoin Price At A Glance

After falling to around $101,400 in the late hours of Saturday, the price of Bitcoin has now returned around $103,000. As of this writing, the price of BTC stands at around $102,845, reflecting a 0.4% decline in the past 24 hours.

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The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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