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Bitcoin has been trading above $103,000 lately, but a new signal is causing concern among traders. According to crypto analyst DonAlt, Bitcoin might be headed for a quick drop if it can’t hold an important support level that has been supporting its price since the start of May.
Intresrtingly, bearish shift in the MVRV ratio even signaliing a temporary pullbacks in bitcoin price.
Bitcoin At Make-Or-Break Moment
In a recent analysis, DonAlt shared concerns about Bitcoin’s current daily chart, calling it shaky. He warned that if Bitcoin drops below the key support range of $98,000 to $101,000, it could trigger a sharp 15% decline.
That would pull the price down to around $90,000 — a level not seen since early May.
“It’s a risky area,” he said. “If this support gives way, things could turn around quickly.”
What worries him the most is Bitcoin returned to retest this support area after briefly hitting an all-time high near $112K. He described this move as a “false breakout,” explaining that in a strong market, prices usually continue rising instead of falling back to old levels.
Bitcoin’s MVRV Ratio Slips
Adding bearish to sentiment another crypto anlayst ali martinez suggest that the MVRV (Market Value to Realized Value) ratio has just dropped below its 200-day moving average, which historically suggests growing downside pressure.
This isn’t the first time the MVRV has predicted major shifts. In past cycles, similar breaks below the 200-day moving average have led to temporary pullbacks or sideways movement for Bitcoin.
While the current price still holds above $100,000, the shift in this key metric has made traders cautious.
Long Term Outlook Still Positive
Despite the short term volatility, DonAlt shared that Bitcoin still looks solid on the bigger weekly and monthly charts. “The weekly chart is good, and the monthly is even better,” he said. “We’re not in a bad spot long-term, but right now, the daily looks weak.”
As of now Bitcoin is trading around $103,728, showing a 1% drop in the last 24 hours. At the same time, Bitcoin’s dominance in the crypto market continues to rise, now reaching 64.61%.