Bitcoin Drops 3% in a Week, But Key Support May Prevent Bigger Losses
Bitcoin prices have dropped over 3% in the past week as the entire crypto market faces a correction due to global economic pressures. Right now, Bitcoin is trading at about $104,000 — around 7% lower than its all-time high of $111,970.
Even though this might just be a normal pullback, crypto analyst Daan Crypto believes Bitcoin could find strong support between $97,000 and $99,000. This means if prices fall more, they might stop dropping around that level.
Why $97,000–$99,000 Is Important
In a post on X (formerly Twitter) on May 31, Daan Crypto said this price zone is likely to act as a support level — a place where prices often bounce back up instead of falling further.
This zone is important because:
- It’s the middle of Bitcoin’s current trading range ($90,845 to $108,386).
- It includes the 200-day moving average, which often supports prices in long-term uptrends.
- It lines up with the 0.382 Fibonacci retracement level, a common point where prices pause during pullbacks before continuing upward.
All three signals suggest that if Bitcoin falls further, it may stop and bounce back around $97,000–$99,000. But if Bitcoin drops below this zone, it could mean a deeper bearish trend, with the next support at around $94,000.
Current Bitcoin Price
Right now, Bitcoin is priced at $104,650 — up slightly by 0.14% in the last 24 hours. Over the past month, it’s still up by 7.21%, which means many investors are still in profit. However, the 2.86% decline this week shows some weakness, and stronger buying interest may be needed to stop further losses.
