Bitcoin's (CRYPTO: BTC) recent price consolidation is raising alarms about whether the $100,000 support level will hold.
What Happened: In an episode of the Technical Roundup podcast, pseudonymous trader DonAlt explained that while the monthly chart remains strongly bullish, the daily timeframe is looking shaky.
While Bitcoin’s monthly chart remains “ragingly bullish” with strong support between $94,000-$102,000, the daily timeframe shows more concerning patterns.
He pointed to a false breakout above resistance that's since been rejected, adding, the daily is a little bit choppy, if not leaning slightly bearish.
DonAlt considers $100,000 a clear line in the sand: If you're bullish, you've got a clean invalidation at $100,000. If it breaks, I think we're looking at a fast trip to $90,000 again.
Despite short-term caution on Bitcoin, DonAlt expressed renewed optimism on Ethereum (CRYPTO: ETH), calling the recent breakout "sexy" after months of lagging behind.
ETH has reclaimed key support on the ETH/BTC pair and bounced ~8–10%, suggesting growing momentum. He expects a rotation out of altcoins like Solana into ETH, noting ETH has outperformed peers for six to seven consecutive weeks.
Also Read: Bitcoin At $105,000: Bull Market Correction Or Bear Market Beginning?
What's Next: Looking ahead, DonAlt warned about potential risks from leveraged corporate Bitcoin positions, particularly Strategy’s aggressive accumulation strategy.
“The moment that that starts unraveling like Bitcoin is going to go down like 50%ish I think at least,” he cautioned, though he believes “we’re not there yet.”
The trader has adjusted his strategy for this cycle, taking profits gradually rather than attempting to time a perfect exit.
“I’m not young enough anymore to stay up and look at the chart 24/7 just to make sure that I get the top,” he admitted, describing his more conservative approach as allowing him to “go on a vacation for a week” and not care about market movements.
What's Next:
- Bitcoin, Ethereum, XRP, Dogecoin Dip, But Trader Says Everything’s Going According to Plan
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