Bitcoin Price Hits a Low of $89K: What’s Next for BTC?

Bitcoin Price Slips Below $89K Amid Market Fears

Bitcoin Price– The recent market downturn, triggered by President Donald Trump’s re-imposition of 25% tariffs on Canada and Mexico, has significantly impacted both the stock and cryptocurrency markets. As a result, the total market capitalization of cryptocurrencies has dropped below $3 trillion, and Bitcoin’s price has fallen below $89,000 for the first time since November 2024. Market sentiment has turned bearish, with further decline expected, potentially pushing Bitcoin below critical support levels.

Will Bitcoin’s Price Fall Below $85,000?

The bearish trend in Bitcoin continues to dominate, with the cryptocurrency’s price slipping below $89,000. Market sentiment has reached levels seen during the FTX crash, signaling more downside potential. BTC’s price is now at the neckline of a large “M-shaped” or double-top pattern, suggesting more bearish momentum ahead. Additionally, the RSI has dropped to low levels, indicating that Bitcoin may be entering oversold territory, with some predicting a further decline to around $80,000 if panic selling intensifies.

Is Bitcoin’s Bull Run Over?

In the long term, Bitcoin’s price could rebound, but the current trend remains under the influence of bearish pressure. The price has entered a descending parallel channel, similar to patterns seen earlier in 2024. The support level just below $85,000 could provide a turning point, with the RSI and MACD indicators suggesting that a recovery is possible if the support holds. However, a breakout above this channel may lead to a new Bitcoin ATH, potentially surpassing $112,000.

Bitcoin remains volatile, and analysts are keeping a close eye on key support levels to predict the next moves in the market.

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.