Based on Glassnode’s UTXO Realized Price Distribution (URPD), this level represents a major cluster of investor positions—making it a key line in the sand for bulls.

If this support fails, Martinez warns that Bitcoin could swiftly fall toward $97,405, where another large concentration of buyer activity historically resides.

Caution Signals From the Weekly Chart

Echoing this caution, trader Daan Crypto Trades highlights indecisiveness on Bitcoin’s weekly chart. BTC posted a “flat week with big wicks,” following a failed breakout above $108K and a bounce from $100K in the previous week.

According to Daan, unless BTC can break and hold above $108K, traders should remain cautious.

“Until then, I will sit on the stables I have with lower spot exposure (but still some),” Daan added.

Key Levels to Watch

Support: $104,124 (on-chain cluster), followed by $97,405
Resistance: $108,000 – needed for renewed bullish confirmation
Previous ATH: Near $104,775, still acting as psychological resistance

Conclusion

Bitcoin’s recent failure to reclaim $108K and its stall near $104K paints a picture of hesitation. With heavy realized volume at current levels, bulls must defend $104K to prevent further downside. If this zone breaks, $97K could be the next magnet for price.

Traders are advised to monitor both on-chain positioning and weekly technical structure as BTC tests a key inflection point.

The post Bitcoin Holds $104K Support — But Drop Toward $97K Looms if Broken, Analysts Warn appeared first on Coindoo.

---

Filed under: Bitcoin - @ June 15, 2025 4:21 am