[Analysis] "Bitcoin loses $98,000 support…risk grows of ending 2-year uptrend"

Bitcoin (BTC) has lost support around $98,000, raising concerns that the two-year uptrend could collapse.

On the 15th (local time), Cointelegraph reported, "Bitcoin has fallen below the June support area around $98,000, and on the 14th it dropped to $94,500, forming a clear 'lower high–lower low' structure on the daily chart within a single day. This is the first time since February this year," it said.

Bitcoin is currently trading below the weekly 50-week simple moving average (SMA). Last week's temporary rebound defended this indicator, but if the price does not recover to $101,000 by Sunday this week, it will close the week below the 50-week SMA for the first time since 2023. Because this indicator has served as a structural support line for the mid-term uptrend since September 2023, analysts say its breach could signal the collapse of the trend itself.

Bitcoin researcher Axel Adler Jr. said, "After losing $100,000 on November 14, there are no clear support levels left in the market," diagnosing that "most major indicators have turned into resistance areas."

Meanwhile, Ki Young Ju, CEO of CryptoQuant, presented around $94,000 (the average purchase price of 6–12-month holders) as a short-term stabilization zone, stating, "If a rebound occurs at this level, a technical bottom formation is possible." However, he warned, "If there is a confirmed close below this price range on a higher time frame, the downtrend could accelerate."