Bitcoin Drops 2.4% Over Weekend, Holds Above $100,000 Support

Bitcoin, the world's largest cryptocurrency by market capitalization, experienced a significant price drop over the weekend. On Friday, June 20, the price of Bitcoin plummeted from a high of $106,000 to just above $103,000. The cryptocurrency managed to stabilize around the $104,000 mark for most of the day, but faced another wave of bearish pressure in the late hours of Saturday, June 21, falling to around $101,500.

According to a popular crypto analyst known as Titan of Crypto, the next significant support level for Bitcoin lies around the $99,000 – $100,000 range. This analysis is based on the weekly timeframe of the Bitcoin price chart, where the confluence of the Fair Value Gap (FVG) and the rising Tenkan-sen (red line) around this price region makes it a significant area to watch if selling pressure persists.

The Tenkan-sen, a key component of the Ichimoku Cloud indicator, is often considered a significant line in analyzing short-term trends. It is seen as a key support and resistance level, as well as a signal line for potential trend reversals. The Fair Value Gap, on the other hand, is a liquidity void often created by a sharp movement in price, indicating a lack of trading activity within a particular price range. FVGs are usually considered as potential regions of interest for future price corrections, as investors often look to fill the liquidity void.

With the FVG and the Tenkan-sen set within the same region, Titan of Crypto noted that the Bitcoin price may find a support cushion around the $100,000 mark. This level appears to be extremely crucial for the flagship cryptocurrency in the short term, especially as its bullish momentum wanes. Holding above this $100,000 support could be critical to Bitcoin’s long-term trajectory. It is worth noting that the price of BTC has not traded beneath $100,000 since May 8, reaching the $110,000 mark twice within that span.

As of the latest update, the price of Bitcoin has returned to around $103,000 after falling to around $101,400 in the late hours of Saturday. The current price of BTC stands at around $102,845, reflecting a 0.4% decline in the past 24 hours. The next few days will be crucial in determining whether Bitcoin can maintain its support level or if it will continue to face bearish pressure.