Bitcoin Price Decline: Can $90K Hold As Support?
Bitcoin Price– Bitcoin (BTC) has recently experienced a significant decline, breaking through the key support level of $100,000. This shift has sparked concerns among traders, with many analysts predicting further downward movement in the short term.
Bitcoin Breaks Key Support: What’s Next for the Crypto?
On the most recent trading day, Bitcoin’s price fell below the $100,000 level, a significant psychological support point that had been holding steady since November. This break follows the breakdown of a key support zone that included the $100,000 level, the support trendline from Bitcoin’s daily up-channel, and the 50% Fibonacci retracement of the upward impulse seen in early December.
Bitcoin’s failure to maintain the $100,000 mark has triggered a continuation of the ABC correction, which started from the resistance zone around $110,000. The market sentiment remains largely bearish, with many analysts forecasting additional downside risks for the cryptocurrency.
Next Stop for Bitcoin: $90,000 Support Level
As the market sentiment continues to lean bearish, Bitcoin’s price is expected to continue its downward trajectory. The next key support level lies at $90,000, which has historically acted as a price reversal point since the end of November. If Bitcoin’s price fails to recover, it may continue to slide toward this next level of support.
Bitcoin’s struggle to maintain higher price levels comes amid broader negative sentiment across the cryptocurrency market, exacerbated by macroeconomic factors and investor caution.
Key Levels to Watch: Can Bitcoin (BTC) Hold $90,000?
With Bitcoin currently testing lower support levels, the focus now shifts to the $90,000 zone. This support level has been pivotal in reversing Bitcoin’s price in recent weeks, but a break below it could signal further losses. Traders should monitor the $90,000 mark closely, as a breach could open the door for additional declines.
Bitcoin’s downward trend underscores the importance of watching key support levels and understanding market dynamics, which are influenced by both technical analysis and broader market sentiment.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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