The drop follows weeks of choppy movement that now has analysts debating whether the next decisive move will trigger a new all-time high—or a deeper correction.
Market analyst Michaël van de Poppe noted that Bitcoin has cleared liquidity on the downside, with the $116,800 zone now acting as a pivotal test. He suggested that whether the price reclaims this range or rejects it will set the tone for the coming weeks. A successful breakout, he argued, could pave the way for fresh record highs.
Others, however, are less optimistic. Analyst Ali pointed out that Bitcoin has already lost the crucial $116,950 support, highlighting $107,000 as the next major level to watch.
Data from Glassnode’s UTXO Realized Price Distribution reinforces this view, showing significant trading activity around the $107,000 area, which could act as the next point of stability if downward pressure persists.
Despite the recent turbulence, Bitcoin remains supported by strong trading volumes, with over $89 billion exchanged in the past 24 hours. Still, investor sentiment appears fragile, with the battle between bullish breakout hopes and bearish downside risks intensifying as the market enters a critical phase.
The post Bitcoin’s Next Move: Surge to New Record High or Crash? appeared first on Coindoo.
