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Bitcoin 
$108,079 traders are shifting their attention towards the $100,000 mark as the price sustains above $90,000 in weekly closing. However, on-chain data suggests a potential price correction of about 10-15% in the coming days. This scenario may indicate a decline to $76,000 before a new rally towards $100,000 begins.
What Do On-Chain Data Indicate?
Five key on-chain metrics signal a significant likelihood of a price pullback for Bitcoin. Popular crypto analyst Ali Martinez notes these metrics are providing warnings regarding the market.
The current Bitcoin fear and greed index stands at 83/100, indicating a dominance of extreme greed in the market. Martinez points out that this sentiment, especially among retail traders, is supported by the surge in Bitcoin-related searches.
Key Support Levels
During the recent rally, investors realized profits amounting to $5.42 billion, which may increase selling pressure in the market. The TD Sequential indicator on the daily chart has issued a sell signal. Martinez stated that if Bitcoin closes above $91,900, it could move towards the $100,000 mark.
In the event of a correction, the first support range will be between $85,800 and $83,250. If there is a more substantial decline, the range of $75,520 to $72,880 comes into focus. These levels may present significant opportunities for traders.
Possible corrections in Bitcoin’s price signify both risks and opportunities for traders. Technical indicators and support levels should be monitored closely. Rapid movements in the market necessitate strategic actions, prompting traders to keep a close watch on market trends.
