Bitcoin Price Crash: Why $107,500 And $103,500 Are The Levels To Watch

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The Bitcoin price crashis in focus following the flagship crypto’s recent drop to as low as $103,700. Crypto analyst Captain Faibik has commented on why $107,500 and $103,500 are the most important levels to watch as BTC looks to decide its next move.  Why $107,500 & $103,500 Are Key For The Bitcoin Price

In an X post, Captain Faibik explained that $107,500 and $103,500 are key as the bulls and bears battle to dictate the next move for the Bitcoin price. The analyst noted that later this week, BTC bulls will attempt to reclaim the $107,500 resistanceand regain momentum.  Related Reading Bitcoin Price Crash: Why $107,500 And $103,500 Are The Levels To Watch 11 hours ago

He predicted that a clean break and hold above $107,500 could trigger a bullish leg toward the $117,000 level, which would mark a new all-time high (ATH)for the flagship crypto. Meanwhile, on the other hand, $103,500 is an important support level which the bulls must defend as the Bitcoin price eyes new highs. Captain Faibik warned that a breakdown below could shift momentum back in favor of the bears.  Source: Captain Faibik on X

The Bitcoin price had surged above $106,000 on May 2 following news about the US decision to extend its pause of tariffs on some Chinese goods to August. This provided a bullish outlook for the flagship crypto after Donald Trump stated last weekthat China had violated the trade deal with the US. 

Trump and China’s president are set to have a call later this week, which could further boost the Bitcoin priceif both sides could resolve any dispute regarding the current trade deal. Meanwhile, Fed Chair Jerome Powell failed to discuss the economyduring his speech at the International Finance Division Anniversary Conference, which also continues to fuel market uncertainty.  First Step For BTC Is To Get Back Above $106,500

In an X post, crypto analyst Kevin Capital indicated that the first step is for the Bitcoin price to successfully reclaim $106,500. He noted that BTC had recorded a weekly close below this level, which puts the flagship crypto back in the danger zone. The analyst further remarked that BTC needs to get back above this level in the coming days or things can get “sketchy looking.” Kevin Capital added that this has been a key level for months, and nothing has changed.   Related Reading Bitcoin Rise To $111,000 ATH Doesn’t Mean The Market Is Bullish, Certified Expert Says 1 day ago

Meanwhile, crypto analyst Titan of Crypto revealedthat a Katana is forming on the weekly chart for the Bitcoin price. He explained that in Ichimoku analysis, a Katana forms when Tenkan and Kijun overlap. This signals low momentum and market equilibrium. He added that this development also precedes strong directional moves, with an expansion or pullback on the horizon. 

At the time of writing, the Bitcoin price is trading at around $105,435, up in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $105,125 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com