Bitcoin ‘bear Market Confirmed’: Watch These BTC Price Levels Next

Bitcoin traded 20% below its all-time high of $126,000 as key onchain and technical indicators suggested that BTC has entered a new bear market.

Bitcoin onchain data reveals that the market could be entering a macro downtrend.

The psychological level at $100,000 remains the main BTC support for now.

Bitcoin (BTC) fell to four-month lows of $98,900 on Tuesday, as analysts say that BTC was “transitioning into a bear market.”

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin price action has established a new range on lower time frames, and market observers are watching the following key support levels below.

Private wealth manager Swissblock stated that the Bitcoin risk-off signal destabilized as selling pressure intensified over the last few days.

Swissblock highlighted that the indicator is “still within a low-risk regime,” as shown in the chart below.

Related: Bitcoin shows exhaustion as analysts say $125K target unlikely in 2025

However, “if it transitions into a high-risk, it would signal a potential trend shift,” the private wealth manager said, adding:

Echoing this observation, onchain data provider Glassnode pointed out that the monthly funding paid by longs in Bitcoin perpetuals has declined by approximately 62%, from $338 million per month in mid-August to $127 million per month as of Tuesday.

Source: CoinTelegraph