Bitcoin At Risk Of Sharp Decline To $83,444 If This Support Level Crumbles, Analyst Says
While Bitcoin (BTC) continues to trade in the mid -$ 90,000 range, the aforementioned crypto analyst Ali Martinez has warned that the loss of a critical support level can send the leading cryptocurrency to go up to $ 83,444.
Bitcoin should hold this support level for further upside down
In an x post that has been published today, Martinez has shown that BTC should hold 'Most critical'Support level at $ 93,198. Failure to defend this price level can lead to a sharp decline in the price of digital assets, which potentially send it to $ 83,444.
Martinez also featured a about falling into the number of wallets holding one or more BTC, which dropped 3,400 in the last two months. This trend suggests that many investors can earn income at the current price levels, rather than accumulating.
Adding to Bearish's view, Martinez shared another chart showing that the whales of Bitcoin – the purses with large handling – have been offloaded about 50,000 BTCs in the last ten days. Such behavior is often preceded by short-term price corrections or a period of aggregation.
Meanwhile, Bitcoin's recent price action remains uncontrollable. According to a separate review by crypto businessman Ash Crypto, the BTC currently has two unfinished Chicago Mercantile Exchange (CME) futures gaps – one between $ 96,440 and $ 97,680 outside down, and another between $ 91,360 and $ 92,520 on the downside.
Ash suggested that “highly likely” be the BTC to move lower to fill the downside gap first. When that happens, the analyst believes that Bitcoin can bounce loudly, potentially pushing the past $ 100,000 marks later this month.
Offering a more optimistic view, Analyst Ted noted that the BTC is currently in the Wyckoff accumulation stage. The timely crypto analyst said:
Currently, the BTC is in a very important level of resistance which means it will see some integration. I guess it's likely that BTC has retired a $ 92k- $ 92k level before the next leg.
All eyes at the FOMC meeting tomorrow
Entrepreneurs and investors are about to watch the upcoming Federal Open Market Committee (FOMC) meeting. While the US Federal Reserve (FED) is widely expected to hold interest rates, fed chair comments Jerome Powell can significantly affect risk assets such as Bitcoin.
In spite of technical indicators suggests Some underlying weaknesses in the crypto market, on-chain metrics show signs of a floating Supply squeezeAs reserves exchanges continue to decrease. At the time of press, Bitcoin traded at $ 94,706, up to 0.8% in the past 24 hours.
Featured image from unsplash.com, charts from X and TradingView.com
Editorial process For Bitcoinist centered on delivering thoroughly researched, accurate, and unbiased content. We promote strict sources of sourcing, and each page undergoes our team's enthusiastic examination of the leading technology experts and timely editors. This process ensures the integrity, relevance, and value of our content for our readers.
