Analysts are closely watching the $118K price level, which is considered critical for confirming a bullish trend reversal. The on-chain model indicates strong support between $104K and $108K, suggesting limited downside risk in the near term. However, external market pressures and institutional movements like those from BlackRock could sway prices unexpectedly.
Bitcoin's market is at a critical juncture with potential for both bullish reversal and bearish downturns, influenced heavily by institutional movements and key support levels. Traders should stay alert to global economic signals and regulatory changes that could impact market dynamics significantly in the coming days.