Bitcoin has taken a sharp hit, falling below the $104,000 mark, reaching $103,160 in a swift downturn that erased gains from earlier this week.
At the time of writing, BTC is trading at $104,360, reflecting a 3.10% decline over the past 24 hours and a market cap drop to $2.07 trillion.
Price Breakdown and Volume Spike
Despite the decline, 24-hour trading volume has surged by 28.47%, reaching $67.97 billion, indicating aggressive activity—likely driven by liquidations and high-frequency trading as the price broke below support.
Key Levels to Watch (7-Day Chart)
A review of Bitcoin’s 7-day price chart highlights several critical technical zones:
$110,000: This remains the primary resistance level, where BTC topped out on June 11 before facing strong selling pressure. A confirmed breakout above this zone would signal renewed bullish momentum.
$106,000: Previously a short-term support floor, this level failed to hold during the recent drop. Reclaiming it could indicate a recovery attempt.
$104,000: Now a psychological and technical support level. BTC briefly dipped below it but is attempting to stabilize just above this range.
$102,000–103,000: This is the next crucial downside zone to monitor. A sustained move below this range could trigger additional liquidations and extend the selloff.
Short-Term Outlook
The sharp decline follows a failed breakout attempt near $110,000 and coincides with broader market volatility, including increased liquidations across major exchanges. If BTC fails to reclaim the $106,000 level soon, further downside testing could occur, especially if volume begins to decline after the spike.
However, bulls may find an opportunity to re-enter if BTC holds the $104,000 region and consolidates with rising support.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitcoin-dropped-under-104000-key-levels-to-watch-out-for/