Bitcoin’s price struggles continue as the asset was violently rejected at $100,000 yesterday and pushed south by over four grand in hours.

Nevertheless, many altcoins are in even worse condition, with massive double-digit losses on a weekly scale.

BTC Up and Down

It was a painful week for the primary cryptocurrency, which started during the previous weekend with a price slump from $102,000 to $97,000 on Sunday morning after Trump’s tariffs against China, Mexico, and Canada. The situation worsened on Monday morning with another nosedive to under $92,000.

However, the cryptocurrency exploded out of the blue at this point and added ten grand within hours to spike above $102,000. That was short-lived, though, as it quickly lost the six-digit price tag and headed toward $97,000.

After a few days of sideways action around that line, BTC jumped to just over $100,000 on Friday. Yet, the bears were quick to intercept the move and didn’t allow a further increase. Moreover, the rejection was quite brutal as it pushed bitcoin south to under $96,000.

The asset now struggles to reclaim that level, and its market capitalization is close to breaking below $1.9 trillion. Its dominance over the alts, though, is quite high (close to 59% on CG), as most of them have been hit harder.

Alts Back in Red

The alternative coins suffered even more than BTC, and many continue to be well in the red. Ethereum has dumped by 4% over the past day alone and struggles to remain above $2,600. Chainlink, SUI, AVAX, ADA, and XMR are the other substantial price losers from the larger-cap alts, with declines of up to 7%.

DOGE, BNB, SOL, and HBAR are also in the red, albeit in a less painful manner. XRP and TRX are among the few alts with minor gains over the past day.

Nevertheless, the total crypto market cap has shed another $80 billion since yesterday and is down to $3.250 trillion on CG.

TL:DR;

• Dogecoin whales have gone on a real accumulation streak in the past few days, but the asset’s price has yet to recover from the substantial losses charted on a weekly scale.
• Nevertheless, analysts remain bullish, predicting that DOGE has hit its low during this cycle and will bounce off soon.

It wasn’t all that long ago when DOGE’s price stood well above $0.4. In fact, the last time the OG meme coin traded above that threshold was on January 21, when it briefly spiked above it.

However, its downfall began immediately, and it has not touched that line ever since. The most substantial slump came during Monday morning’s market-wide crash when all crypto assets bled out, and DOGE was among the poorest performers with a price dump to $0.2 (a two-month low).

The market started its recovery shortly after, and Dogecoin even neared $0.3 on Tuesday but was quickly rejected and is down to under $0.25 as of now. This represents a 25% decline on a weekly scale.

This substantial correction comes despite Dogecoin whales’ behavior, which has been quite bullish. As reported on Thursday, these large market participants had accumulated over 750 million DOGE during the crash.

They kept buying in the following days and added another 100 million within a 24-hour period, thus further reducing the available supply.

Whales have accumulated another 100 million #Dogecoin $DOGE in the last 24 hours, signaling growing confidence and demand! pic.twitter.com/HKuseWubtN

— Ali (@ali_charts) February 7, 2025

None of those purchases have materialized in a price rebound yet. However, this hasn’t deterred certain analysts from predicting a strong recovery, given DOGE’s historical performance.

Trader Tardigrade said the meme coin had copied its 2017 price movements, and it seems to have bottomed out, which could propel it toward a new all-time high soon.

KrissPax acknowledged the substantial correction but said such moves occur every cycle and are to be expected. He noted that they tend to shake out weak hands but are actually ‘excellent times to buy more on dips and prepare for what’s coming.’

Big pullbacks in the Dogecoin price happen EVERY cycle. They shake out weak hands and completely sour market sentiment. Strong rebounds follow in overall bull markets. These pullbacks are excellent times to buy more on dips and prepare for what’s coming. $DOGE pic.twitter.com/xHywN9RWDa

— KrissPax (@krisspax) February 7, 2025

Bitcoin sellers are grappling with a decisive support zone at the 100-day moving average, with a potential breakdown paving the way for a retest of the critical $90K region.

However, heightened volatility is anticipated, as price action will dictate the market’s next direction.

Technical Analysis

By Shayan

The Daily Chart

After sustained declines, Bitcoin has approached a crucial support zone where significant demand will likely emerge. This level is particularly important as it aligns with the 100-day moving average and the key psychological support at $95K. A confirmed breakdown below this region could accelerate selling pressure, pushing BTC toward the substantial $90K support area.

Conversely, a strong bullish rebound from this level could trigger a recovery, with buyers targeting a retest of the ascending channel’s midline at $100K. Bitcoin remains range-bound between $90K and $108K, and a definitive breakout from this consolidation phase will determine the market’s next major trend.

The 4-Hour Chart

On the lower timeframe, Bitcoin’s price action has been choppy, characterized by a phase of low-volatility consolidation, reflecting market participants’ indecision. The cryptocurrency fluctuates within the $90K-$108K range without establishing a clear trend.

The lower boundary at $90K remains a crucial demand zone, providing strong support since November 2024. Bitcoin could stage another rally toward $108K in the mid-term if buyers successfully defend this level. However, a breakdown below this threshold could invalidate this scenario and expose the price to deeper corrections.

Until Bitcoin decisively exits this prolonged trading range, traders should remain cautious, as heightened volatility is expected.

On-chain Analysis

By Shayan

The realized price of UTXO age bands, specifically the 1-3 month cohort, provides crucial insight into short-term holders’ behavior and overall market sentiment. This metric reflects the average acquisition price of recent buyers, serving as a dynamic support or resistance level that signals market confidence.

Historically, when Bitcoin tests this level from above, it often acts as support, suggesting that short-term holders remain confident in their positions despite elevated price levels. Bitcoin has declined toward the realized price of the 1-3 month UTXO cohort, which is around $96K. Holding above this key level reinforces a bullish market sentiment, increasing the likelihood of an extended upward trend.

However, if Bitcoin fails to maintain support at this critical threshold and breaks below, it could trigger a shift in sentiment toward fear, potentially leading to a distribution phase. As a result, price action around this level will play a decisive role in shaping Bitcoin’s short- to mid-term trajectory.