The Bitcoin price tumbled 2% in the last 24 hours to trade at $101,202.67 on a 34% surge in trading volume to $61.5 billion.
This slump in BTC price comes as Michael Saylor, co-founder of Strategy, hints that his company might buy more Bitcoin soon.
He posted a chart with the message “Nothing Stops This Orange,” which often signals a new purchase. Strategy already owns over 592,100 BTC worth around $60 billion.
Despite the price drop, Saylor is still confident and believes Bitcoin could reach $21 million per coin in the next 21 years.
Bitcoin Price Finds Temporary Relief on Major Support Zone
The BTCUSDT trading pair shows signs of a possible comeback after dropping to an important support zone between $96,000 and $98,000. The price has since bounced back to around $101,800, bringing some relief to nervous traders.
The recent price drop followed a bearish double top pattern near $114,000, which often signals a trend reversal. After failing to break that level, Bitcoin entered a period of sideways movement before falling sharply.
The Relative Strength Index (RSI) is currently at 41.17, still in bearish territory but approaching oversold levels. If the RSI starts rising, it could support a stronger price recovery.
The parabolic trend is now broken, showing that the bullish momentum is weakening. However, the price reacted well within the Fair Value Gap (FVG) zone, a technical area where prices often stabilize before deciding the next direction.
The next key area to watch is the $104,000 to $106,000 range, known as the bullish reversal zone. If Bitcoin breaks above this zone, the price could head back toward $110,000 or even $114,000 in the near term.
But if Bitcoin falls below $98,000 again, the next major support sits between $88,000 and $90,000, which could mean more losses ahead.
Bitcoin Liquidations Hit $223M as Price Swings Continue
Meanwhile, traders are still facing big losses as liquidations hit the market. Earlier, over $223 million in long positions were wiped out when Bitcoin’s price dropped sharply, according to Coinglass.
For now, Bitcoin’s price is holding, but traders remain cautious. The coming days will be critical in showing whether Bitcoin is ready for a proper recovery or if more downside is on the way.
