Watch these Bitcoin price levels next with 'door open' to $100K retest
Bitcoin came within striking distance of new all-time highs on Jan. 22, but now “the door is open” to a 5% drop.Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin price action is within a critical range, and market observers have key support levels ready.Spotlight on $100,000 BTC price supportFor Keith Alan, co-founder of trading resource Material Indicators, it is all about $100,000.In the short term, that level is arguably the most attractive downside target thanks to a wall of bid liquidity supporting it being removed.A chart of liquidity conditions on Binance uploaded to X on Jan. 22 puts the likelihood of a support retest firmly in perspective. “The door to retest $100k is open,” Alan summarized.The chart additionally shows how comparatively thin bid liquidity is compared to the sell wall above the spot price at $110,000, now the major hurdle for bulls to overcome.That level has not gone unnoticed within trading circles, with commentator Bitcoin Munger identifying it as a selling target for Bitcoin whales.Bitcoin needs to print higher daily closesLooking above, trader and analyst Rekt Capital sees in a narrower range, but with breakout signal levels nearby.On daily timeframes, a “confluent support area” around $100,000 is still valid, while a push beyond $106,000 is all that is needed to set up a run at all-time highs.“The confluent support area (green circle) has indeed acted as a floor that has enabled consolidation within the $101k-$106k range. Bitcoin is once again challenging the Range High for a breakout attempt from the range,” he said in an X post on Jan. 21.“Daily Close above the $106k resistance followed by a post-breakout retest could enable a historic move to new All Time Highs.”A large range comes courtesy of fellow trader Daan Crypto Trades, who likewise sees price discovery entering should start printing daily candle closes above $108,000.“Think most are better off just waiting patiently until this either sweeps the range high/low again or if we go full on price discovery mode,” he wrote in accompanying commentary. “Likely choppy until then.”“Looking good so far”Offering a hopeful short-term outlook, Patric H, the analyst known as Cryptelligence on X, shows key technical levels being preserved.These include the point of control, or PoC, of Bitcoin’s weekly range, currently around $103,000.Patric H added that, per Elliott Wave theory, Bitcoin’s latest low-timeframe correction should be complete. “It's looking good so far,” he concluded.“The corrective wave 4 seems to be finished for $BTC and the Altcoins market. Bitcoin is trading well above the local POC, suggesting a bullish continuation.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.