June 28, 2025

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Bitcoin Targets $97,000-$99,000 as Critical Support Level If Downtrend Continues – Analyst Insights

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Bitcoin experienced a decline of over 3% in the past week as the wider cryptocurrency market faces a general price correction due to macroeconomic pressures. Currently, the leading cryptocurrency trades above $104,000, reflecting an approximate 7% drop from its new all-time high of $111,970. Market analyst Daan Crypto has indicated a support zone that may halt further price declines amidst what could be a temporary correction.

$97,000-$99,000 Identified as Crucial BTC Price Level

In a concise X post on May 31, Daan Crypto offered a cautious perspective on Bitcoin amid the ongoing price correction. The analyst suggests that if the decline continues into June, Bitcoin might drop to around $97,000-$99,000, where it could encounter substantial market resistance.

Daan Crypto’s identification of this price range as the next significant support for Bitcoin stems from a combination of technical indicators. As illustrated in the chart below, the $97,000-$99,000 price area represents the mid-range of Bitcoin’s trading channel, situated between $90,845 and $108,386, and aligns with the 200-day moving average and the 0.382 Fibonacci retracement level.

BitcoinSource: @DaanCrypto on X

The mid-range of a trading channel typically acts as a significant support or resistance level, depending on the price’s position relative to it. During Bitcoin’s price correction, the current mid-range at $97,000-$99,000 represents the upcoming major price floor for the leading cryptocurrency—a decisive drop below this level would indicate a bearish price trend.

Furthermore, the 0.382 Fibonacci retracement level signifies a healthy market correction zone, where prices tend to revert to before re-establishing the previous trend. Additionally, the 200-day MA serves as a long-term indicator, averaging the market’s closing price over the last 200 days, and acts as a support level in bullish trends, often providing a retest area prior to a price uptrend.

Overall, all three indicators suggest that the $97,000-$99,000 range could serve as a robust technical support zone, should Bitcoin’s price decline further. If this support is lost, it would jeopardize Bitcoin’s bullish potential, with the next support level projected around $94,000.

Bitcoin Price Summary

At the time of writing, Bitcoin is trading at $104,650, showing a slight increase of 0.14% in the last day. The premier cryptocurrency also reports a monthly increase of 7.21%, indicating that most recent market entrants are currently in profit. However, the weekly decline of 2.86% highlights the need for a resurgence in market demand to counteract a slowly creeping bearish sentiment.

BitcoinBTC trading at $104,632 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from Pexels, chart from Tradingview

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