Bitcoin (BTC) has been drawing attention with its recent price movements. After breaking the 120 thousand - 108 thousand dollar range downwards, the likelihood of testing the 100 thousand dollar level has increased. CryptoQuant analyst Julio Moreno points out that the break of this price range, where Bitcoin has been squeezed for weeks, indicates that the market is approaching a new technical threshold.

Moreno emphasized that the 100 thousand dollar level offers significant support both psychologically and structurally. According to CryptoQuant data, 100 thousand dollars corresponds to the lower band of the Traders’ On-chain Realized Price indicator, which reflects the average cost of investors on-chain. The analyst stated that this region serves as the last line of defense in the current bullish cycle.

Maintaining the 100 thousand dollar level is critical for Bitcoin as it represents an important equilibrium for the market to continue its upward trend. Moreno mentioned that this level is not just a technical indicator, but also a decisive threshold for investor psychology. He warns that if Bitcoin moves below the 100 thousand dollar level, it could lead to a deeper selling wave.

Additionally, another factor reinforcing the significance of the 100 thousand dollar level is that the 365-day moving average also resides at this level. This situation indicates that the relevant price region is technically strengthened further. In light of all this data, Bitcoin's response at the 100 thousand dollar level will be a critical determinant for the direction of the bull market. Morales highlights that a short-term correction could be inevitable if the price fails to maintain this threshold.