Bitcoin Price Analysis: Resistance at $97K and Support Below $92K
Bitcoin’s price currently stands at $96,037.47, following a decline that started at the beginning of the month. A critical resistance level is set at $97,530, while weak support exists below $92,110. Analysts warn of rapid declines if Bitcoin falls through key levels, with significant volatility expected in the range between $90,000 and $70,000.
The Bitcoin market experienced a significant downturn at the beginning of this month, dropping over 5.62% from February 1 to 5. Currently, Bitcoin’s price remains at $96,037.47, down nearly 1.9% in the past week. Renowned analyst Ali Martinez warns that if Bitcoin falls below $92,110, it may further decline to around $70,000.
Bitcoin’s current resistance level is identified at $97,530. Following a sharp decrease from a high of $101,333.27 between February 4 and 5, the price has fluctuated between $97,896.66 and $95,791.74 since February 6. Martinez suggests that surpassing the $97,530 resistance could initiate a bullish trend.
Conversely, Bitcoin’s support level is considered weak below $92,110, with its lowest closing price for the year recorded at $92,569.92 on January 9. A low of $91,238.24 was noted on February 3, indicating a lack of support at this level to mitigate significant selling pressure, as pointed out by Martinez.
Moreover, Martinez highlights a concerning price gap between $90,000 and $70,000, which could lead to rapid declines should Bitcoin’s price drop below $90,000. On January 13, the price fell to $89,305.15, but buyers managed to recover it to approximately $94,545.97 by market close, illustrating the volatility in this range.
In summary, Bitcoin is at a pivotal price juncture. A move above $97,530 could signal bullish momentum, while a decline below $92,110 carries the risk of a swift drop towards $70,000. The highlighted price gap between $90,000 and $70,000 poses an additional threat to market stability, necessitating careful monitoring of Bitcoin’s price movements.
Original Source: coinpedia.org
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