Bitcoin Drops 4% to $103,895 as Support Breaks

In the Asian session, Bitcoin (BTC) experienced a significant drop, falling to $103,895, which marked a 4% decrease over a 24-hour period. This decline broke through the $105,095 support level, indicating a major trend reversal as BTC exited the ascending channel that had been in place since early June. The breakdown was confirmed by a bearish engulfing candle and a strong rejection near $110,376, forming a three-candle reversal pattern and a series of lower highs.

Technically, Bitcoin is under considerable pressure. It is now trading below its 50-period Exponential Moving Average (EMA) of $107,446, and the Moving Average Convergence Divergence (MACD) has crossed bearishly with a deepening histogram. This confirms that the momentum is with the sellers. If the $103,132 support level fails to hold, BTC could potentially slip toward $101,705 or even test the psychological $100,000 level.

Binance has formally entered the Syrian market, following the lifting of EU and US sanctions in May. This move has unlocked access for Syrians to trade over 300 cryptocurrencies, including Bitcoin, XRP, and Toncoin. Full access to futures, spot, and peer-to-peer (P2P) markets is now available, along with Arabic-language educational tools and Binance Pay for borderless payments. With local banking systems constrained and inflation soaring, crypto offers an alternative to traditional finance. This move is expected to drive regional demand for BTC as a hedge and remittance tool.

Meanwhile, BlackRock, the $11 trillion asset manager, is ramping up its crypto ambitions. At its investor day, BlackRock set a goal to become the top crypto asset manager by 2030. Its IBIT ETF sold $260.9 million in BTC and bought $930.6 million in June while overseeing the $53 billion Circle Reserve Fund backing USDC. It’s already registered as a crypto asset firm in the UK. Simultaneously, the European Central Bank (ECB) announced that gold is now the second-largest reserve asset in the world, 19.6% of central bank holdings versus 15.9% for the euro. This shift towards “safe-haven” assets is due to inflation, war, and currency instability. Together, these developments create a mixed but powerful picture for Bitcoin, with a macro pullback and rising institutional and regional demand.

Since BTC is volatile and technicals are under pressure, it’s keeping Bitcoin price prediction bearish in the long term. However, fundamentals are strong. Watch $103,132 and $101,705 for reversal or further breakdown.