CryptoQuant has identified a key level of support for bitcoin

An analyst at CryptoQuant pointed out an important support level for bitcoin at BTC $105,406.62 Bitcoin -0.45% Market capitalization $2.1 trillion VOL. 24 hours $0.94 billion , which is currently at $ 96,700. This level coincides with the average entry price for short-term investors. According to the expert, it may determine whether a new rebound will begin or whether the asset will enter a phase of further decline.

Investors are now showing restrained behavior: the fear and greed index is in the neutral zone. This indicates the absence of panic or excessive optimism, which often precedes a trend change. CryptoQuant notes that this creates conditions for the potential growth of bitcoin if an important support level is maintained.

At the same time, according to BTC Markets, there are two basic scenarios: if the price remains above $ 103,000−105,000, it may move to $ 115,000; if it falls below $ 103,000, a correction to $ 93,000−97,000 is possible. As of today, bitcoin is trading at around $ 105,315.

Another point that CryptoQuant drew attention to is the growing dominance of bitcoin in the market. This may indicate an outflow of liquidity from altcoins, in particular Ethereum ETH $2,528.60 Bridged Ether (StarkGate) -1.83% Market capitalization $0.15 billion VOL. 24 hours $0.85 billion , despite the significant growth of this cryptocurrency in May (Ethereum — by 40.84%, bitcoin — by 10.99%).

As a result, experts advise not to rush to open new positions. They recommend waiting until the correction is complete to avoid the risk of prematurely entering the market.