Bitcoin Hovers Near $104K Support Amid Bullish Uncertainty

Bitcoin's price is currently hovering around a pivotal on-chain support zone near $104,124, as noted by analyst Ali Martinez. This level is significant because it represents a substantial cluster of investor positions, making it a crucial barrier for bullish momentum. According to the Glassnode’s UTXO Realized Price Distribution (URPD), a failure to hold this support could lead to a rapid decline toward $97,405, where another large concentration of buyer activity has historically been observed.

Trader Daan Crypto Trades has also expressed caution, pointing out the indecisiveness on Bitcoin’s weekly chart. The cryptocurrency experienced a "flat week with big wicks," following a failed attempt to break above $108K and a rebound from $100K in the previous week. Daan suggests that unless Bitcoin can decisively break and hold above $108K, traders should remain cautious. "Until then, I will sit on the stables I have with lower spot exposure (but still some)," Daan added, indicating a conservative approach to the current market conditions.

Key levels to watch include the support at $104,124 and the subsequent support at $97,405. On the resistance side, $108,000 is a critical level that needs to be breached for renewed bullish confirmation. The previous all-time high near $104,775 continues to act as psychological resistance, adding to the complexity of the current market dynamics.

Bitcoin’s recent inability to reclaim $108K and its stagnation near $104K suggest a period of hesitation. With significant realized volume at current levels, bulls must defend the $104K support to prevent further downside. If this zone is breached, $97K could become the next target for the price. Traders are advised to closely monitor both on-chain positioning and the weekly technical structure as Bitcoin navigates this key inflection point.