Bitcoin must hold above $108K or risk a bearish spiral

A crypto analyst suggests that a drop to $108,000 could mark the beginning of Bitcoin’s fall back below the six-figure price level.

Bitcoin needs to keep its momentum as it approaches its all-time high, as a drop back to $108,000 could trigger a bearish downtrend, according to a trader.

“You don’t want to see this deviate back below $108K again at this point,” crypto analyst Daan Crypto Trades said on Thursday, adding that Bitcoin (BTC) is “attempting a breakout.”

“Any closes up around this $110K region would be good,” he added. Bitcoin reached $110,498 on Thursday but has since retraced to $109,250, according to CoinMarketCap data. It is approximately 2.5% below its all-time high of $111,970.

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