Going forward, “It would be most constructive if BTC held the zone between 101k and 103k,” said William Noble, an independent crypto analyst, through emailed comments.

“If there is a major stock market disturbance, there could be a drop to 95k-98k,” he stated. “If that is created by problems in the banking system or repo market, then I would expect a massive reversal higher whether stocks continue lower or not,” added Noble.

Interestingly enough, several other market observers mentioned the $98,000 when identifying levels of key support.

“Bitcoin is consolidating after a sharp pullback from the $110,000 area, and traders are watching to see whether it can hold key support near $98,000–$100,000,” Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, stated via email.

David Brickell, head of international distribution for FRNT, also weighed in, indicating that “Key support lies near $98,000, with a break below that level potentially opening a move toward the $88,000 area — the breakout zone following the sharp sell-off in April.”

Several other analysts who offered input for this article also highlighted key price levels to watch should current support fail.

“The first lower support level stands at mid $98k, if breached, the following support level stands at high $96k, followed by low $94k,” said independent cryptocurrency analyst Armando Aguilar.

Enneking also shed some light on what could happen if support near $100,000 fails to hold up.

“Looking lower, there is some support at $94k, but if that breaks, BTC will probably fall to the mid-80s. Below that, there is truly solid support at $74k,” he stated.

“For the record, I don’t see us testing any of those levels,” Enneking emphasized.

Crucial Resistance Levels

Analysts also pinpointed important areas of resistance, which are price levels where a concentration of sell orders either slow down or prevent upward price movement.

“A sustained move above $105,000 would suggest renewed momentum, with resistance around $110,000–$112,000 as the next major hurdle,” said DiPasquale.

Aguilar offered a similar take, stating that “The upper resistance level stands at low $105k, followed by high $106k, then mid $108k.”

Enneking also weighed in, specifying that “Moving up, BTC will face strong resistance at $107k, $112k, $116k and $123k.”

“Of course, pushing to a new ATH (in this case, above $126k) is always a challenging proposition,” he noted.

Brickell highlighted some similar levels, stating that “On the upside, a recovery above $107,000 would remove immediate downside pressure, while a sustained break above the $115,000–$117,000 region would put new all-time highs back into view.”