$3K Bitcoin Price Drop: What Level It Must Hold to Stay Bullish

Bitcoin’s price has lost its momentum and has retraced by several grand in the past day or so, but it’s still above a key support level.

Ali Martinez, the popular crypto analyst with almost 120,000 followers on X, noted that the bull run is still intact as long as the cryptocurrency remains above $98,000.

The primary cryptocurrency experienced massive volatility at the start of the week, as it plunged by over $6,000 on Monday morning to under $100,000 before it exploded out of the gate to a new all-time high above $109,000.

This all transpired ahead of Donald Trump’s inauguration, and when that arrived, BTC slumped, as he had failed to mention the industry even once. Nevertheless, the $100,000 support held and bitcoin bounced off toward $107,000.

However, the bears stopped the asset’s ascent at that point and pushed it south by a few grand in the past day. Just a few hours ago, the cryptocurrency tested $104,000 but has remained above it.

Despite this $3,000 price drop in a day, BTC’s bull run will continue as long as it remains above $98,000, said Martinez. He outlined that level as particularly important for the asset due to the massive accumulation point it has become.

More than 101,000 BTC (valued at $10.5B at today’s prices) were purchased at around that line, which turned it into a ‘crucial’ support. Typically, investors, especially those who have arrived at the scene more recently, tend to dispose of their holdings if they see the price tumble below their entry level.

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The key support level for #Bitcoin is at $97,877, where more than 101,000 $BTC were accumulated. Holding above this level is crucial to sustaining the bullish momentum. pic.twitter.com/4kMR5ZtkWa

— Ali (@ali_charts) January 25, 2025