CryptoQuant: If BTC holds above $101,000, it is considered a buying opportunity; losing this level on the daily chart may impact the bullish structure

According to market news, Bitcoin has lost the key support level of $107,000 after experiencing a 130-day consolidation in the range of $107,000 to $123,000, with the price briefly dipping to $98,000, triggering a large-scale deleveraging in the futures market.

On-chain data shows that approximately $640 million in long positions were liquidated in the past 24 hours, marking the second-largest single-day long liquidation event since June 2021. This wave of liquidations intensified the downward trend, forcing high-leverage traders to exit. However, after hitting the low of $98,000, buying quickly stepped in, pulling the price back to the critical level of $101,000. This level not only serves as a psychological barrier but also perfectly aligns with the bottom of the long-term ascending channel that has defined the market's bullish structure since October 2023.

Analysis indicates that the current battle for $101,000 is crucial. If the bulls successfully defend this level, the recent decline may be viewed as a corrective adjustment, presenting a buying opportunity. However, if they fail to hold it and the daily close is below this level, it could significantly impact the bullish structure, further increasing the risk of a market pullback.