Bitcoin’s price is now sitting around a critical on-chain support zone near $104,124, according to analyst Ali Martinez.
Based on Glassnode’s UTXO Realized Price Distribution (URPD), this level represents a major cluster of investor positions—making it a key line in the sand for bulls.
If this support fails, Martinez warns that Bitcoin could swiftly fall toward $97,405, where another large concentration of buyer activity historically resides.
Caution Signals From the Weekly Chart
Echoing this caution, trader Daan Crypto Trades highlights indecisiveness on Bitcoin’s weekly chart. BTC posted a “flat week with big wicks,” following a failed breakout above $108K and a bounce from $100K in the previous week.
According to Daan, unless BTC can break and hold above $108K, traders should remain cautious.
“Until then, I will sit on the stables I have with lower spot exposure (but still some),” Daan added.
Key Levels to Watch
- Support: $104,124 (on-chain cluster), followed by $97,405
- Resistance: $108,000 – needed for renewed bullish confirmation
- Previous ATH: Near $104,775, still acting as psychological resistance
Conclusion
Bitcoin’s recent failure to reclaim $108K and its stall near $104K paints a picture of hesitation. With heavy realized volume at current levels, bulls must defend $104K to prevent further downside. If this zone breaks, $97K could be the next magnet for price.
Traders are advised to monitor both on-chain positioning and weekly technical structure as BTC tests a key inflection point.
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-holds-104k-support-but-drop-toward-97k-looms-if-broken-analysts-warn/