Bitcoin Consolidates at $104K with $94K–$97.9K Support
Bitcoin has traded steadily around $104,000 after peaking near $109,000, supported by balanced on-chain metrics and technical levels. CryptoQuant highlights a tight support zone between $94,000 and $97,900, defined by the 111-day and 200-day moving averages and short-term holders’ realized price. On-chain data show the seven-day moving average of realized profits below $1 billion and a declining new-supply-to-dormant-supply ratio since May, indicating limited profit-taking and cooling demand. Retail sentiment has turned bearish, with just 1.03 bullish comments per bearish one—the lowest since April—historically a contrarian buy signal. Together, these factors suggest consolidation near current levels and a potential rebound from the identified support zone.
Bullish
The convergence of a well-defined $94K–$97.9K support zone, modest realized profits, and cooling demand points to limited downside for Bitcoin. The spike in bearish retail sentiment—historically a contrarian buy signal—adds to the case for an upside bounce. Together, technical, on-chain, and sentiment indicators suggest that traders may find buying opportunities near current levels, supporting both short-term rebounds and medium-term stability.