[Analysis] "Bitcoin, 100,000 dollars support is key…selling pressure could accelerate if it collapses"

Bitcoin (BTC) has, due to recent declines, seen 100,000 dollars become the next major support and emerge as a key watershed.

On the 17th (local time), Julio Moreno, head of research at CryptoQuant, said on X, "As Bitcoin broke down below the consolidated box range of 120,000~108,000 dollars, 100,000 dollars became the next major support."

He added, "100,000 dollars is the traders' on-chain realized price lower band (bright blue dotted line), and has consistently acted as the ultimate support during this bullish cycle," and analyzed, "100,000 dollars is a psychological support area and the price level where the 365-day moving average is located; if this area collapses, selling pressure could accelerate."

Meanwhile, Bitcoin is currently trading at 107,096.06 dollars on CoinMarketCap, down 0.9% compared with the previous day. On Upbit's KRW market, it is trading at 164,932,000 won, down 0.22% compared with the previous day.