Bitcoin Tests Crucial $110K Support, Risks Fall to $100K
Bitcoin faces a critical moment as the bitcoin crash scenario unfolds around the $110,000 support level. Trading at $110,071, BTC is under pressure from global risk assets, with the 50-day SMA resistance at $112,142 and $116,552. The RSI sits at 38.38, indicating bearish momentum and potential oversold conditions. If the $110K support fails, price predictions point toward a drop to $103K–$100K, reinforced by the 200-day SMA near $100,930. A break below $100K could trigger a broader bitcoin crash and draw altcoins like ETH and SOL lower. Conversely, holding $110K may spark a relief rally back into the $112K–$116K zone. Traders should monitor these levels closely, as a confirmed breakdown risks a deeper correction while a successful defense could reset bullish sentiment.
Bearish
The bitcoin crash scenario around the $110K support level points to bearish market conditions. The RSI at 38 signals rising selling pressure, while resistance at the 50-day SMA ($112K–$116K) remains untested. Historical patterns show that breach of major supports, like the 200-day SMA near $100.9K, often leads to deeper corrections. If BTC drops to the $100K psychological mark, it could trigger stop-loss clusters and draw altcoins down. Short-term traders are likely to adopt defensive positions until BTC reclaims higher support. In the medium term, a confirmed breakdown risks extending the bear phase, whereas holding $110K could offer a base for recovery.