Bitcoin is under heavy pressure again, sliding towards the $103,000 level as the broader crypto market undergoes a sharp decline. After days of volatility and failed recovery attempts, BTC lost key support, sparking fresh fears and accelerating the altcoin sell-off. Most major assets are showing heavy losses, and traders and investors are now wondering if the market has entered a deeper corrective phase.
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According to top analyst Axel Adler, Bitcoin’s main support zone lies between $106,000 and $107,000, a range defined by the 1M-3M Realized Price for Short-Term Holders (STH) and the 200-day Simple Moving Average (SMA 200D). This critical area represents the confluence of on-chain levels and technical support levels where previous corrections have historically found a balance.
However, current momentum is showing increasing weakness. As panic spreads and liquidity dries up, all eyes are now on the $106-107k range — a decisive battleground that could define Bitcoin’s near-term trajectory and set the tone for the rest of the crypto market.
Bitcoin’s market structure faces a crucial test
Adler emphasizes that a loss of the $106K level would likely trigger a move towards $100,000, where the annual moving average (SMA 365D) is currently aligned – a level that has historically acted as a springboard for major reversals during previous market cycles.
Despite the growing fear, Adler notes that the macro structure remains bullish as long as the $100K base exists. This region represents long-term interest for buyers, and its defense could reverse the overheated leverage and pave the way for a more stable recovery. However, Bitcoin is already trading below the $106,000 mark, raising concerns that the market may be preparing for a deeper test of this critical threshold.
Analysts around the world are now keeping a close eye on daily candle closes, which will determine whether the move below support is just liquidity momentum or confirmation of a continuation of the decline. If Bitcoin fails to recapture the $107k level soon, a broader shift in sentiment could develop – one that could extend the consolidation phase and test investor conviction.
In contrast, a strong bounce from the $100k zone would strengthen the argument that the correction is part of a healthy reset within the ongoing bull market. The coming days will therefore be decisive: either Bitcoin holds this base and rebuilds momentum, or it falls lower, signaling that the most aggressive phase of volatility in the current cycle is far from over.
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Bitcoin is testing a support zone amid continued weakness
Bitcoin continues to slide, with the latest chart showing the price hovering around $106,000, now testing one of the most critical support zones in recent months. After failing to recover the $115,000 and $117,500 resistance levels earlier this week, BTC extended its losses, touching an intraday low near $103,500 before recovering slightly. The market remains tense as traders watch to see if the 200-day moving average (SMA 200D) — currently around $107,500 — will hold.
This level represents the realized price area of the short-term carrier (STH) and coincides with the area that analysts have identified as a major structural base. A confirmed break below it could open the door to a test of $100,000, where the annual moving average (SMA 365D) aligns, serving as the next major support.
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Momentum indicators suggest that BTC is still under strong bearish pressure. The 50-day and 100-day moving averages are moving lower, indicating a loss of short-term momentum. Unless Bitcoin manages to close daily candles back above $107k, market sentiment is likely to remain cautious.
Featured image from ChatGPT, chart from TradingView.com
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