Fun

Bitcoin $90K Level Is Crucial For Bulls – Price Could Tag $79K If BTC Loses It

News Feed - 2024-12-28 01:12:08

Este artículo también está disponible en español.


Bitcoin has found itself in a challenging position, struggling to reclaim the coveted $100,000 mark after a rapid shift in market sentiment. Just weeks ago, optimism dominated the landscape, with prices surging toward new heights. However, the narrative has taken a sharp turn, as fear now grips the market following a sudden correction. Related Reading ONDO Faces 30% Correction Risk If It Loses $1.46 Support – Top Analyst 1 day ago


Currently trading below $100K, Bitcoin’s price action reflects increased uncertainty among investors. Top analyst Axel Adler recently shared his insights on X, emphasizing the significance of the $90,000 level as a robust support zone. According to Adler, this zone extends to a lower range of $79,000, offering a safety net should further declines occur. He highlights that maintaining this support is crucial for Bitcoin to stabilize and regain bullish momentum.


While the current sentiment leans toward caution, historical trends suggest that Bitcoin often thrives after testing key support levels. The market’s focus has now shifted to whether BTC can defend this critical zone and stage a recovery. In the coming days, the $90K mark will be a pivotal battleground, determining whether Bitcoin can regain its footing or continue its descent. Investors and analysts alike are closely monitoring these developments, awaiting the next major move. Bitcoin Finding Demand Below $100K


Bitcoin’s price action has shifted from testing new all-time highs to finding solid demand below the $100,000 mark. This zone will determine whether the rally resumes or the market confirms a deeper correction. Amid this uncertainty, top analyst Axel Adler has provided critical insights on X, shedding light on key levels shaping Bitcoin’s trajectory.


Adler’s analysis highlights the significance of the $79,000 level, which recently recorded the largest unrealized profit and loss (P/L) in the past decade. This data suggests that the $79K zone is not only a psychological benchmark but also a crucial support level with significant market activity. Bitcoin Unrealized PnL Ratio | Source: Axel Adler on X


Additionally, he emphasizes the $90K mark as a robust support area, with its lower boundary set at $79K. Adler notes that holding above $90K in the coming weeks would bolster bullish momentum, making a surge past $100K highly probable. Related Reading Ethereum Price Setting For a Big Move – Breakout Or Downturn? 1 day ago


However, Adler also cautions about the potential for a sideways consolidation phase. Such a move could serve as a cooling-off period for the market, allowing it to digest recent gains before resuming its upward trajectory. For now, Bitcoin’s price action remains at a pivotal crossroads, with its ability to maintain support levels dictating whether the next phase will be a breakout or a correction. Investors are watching closely. Technical Analysis: Key Levels To Hold  


Bitcoin is currently trading at $96,200, reflecting days of indecision and sideways price action that has left traders uncertain about the next move. Despite this consolidation phase, BTC remains within a critical range, with its next direction likely to depend on whether bulls or bears take control. BTC holding above $90K | Source: BTCUSDT chart on TradingView


 


For bullish momentum to return, Bitcoin must break decisively above the psychological $100,000 mark. Achieving this milestone would signal renewed strength and could pave the way for further price discovery, potentially igniting another leg of the rally. On the flip side, holding above the $92,000 level would still maintain a bullish narrative, as it demonstrates resilience at a crucial support zone.


However, concerns about a potential downturn persist among analysts. Some experts predict that Bitcoin could drop as low as $70,000 in the coming weeks if the $92K support fails to hold. This bearish scenario would represent a significant correction and could shake market sentiment. Related Reading Solana Sees Consistent Capital Inflows Since 2023 – Liquidity Influx Signals Growth 2 days ago


In the current environment, Bitcoin’s price is at a pivotal point, with bulls needing to reclaim control to push the market higher. Until then, the market remains vulnerable to both bullish breakouts and bearish breakdowns, leaving investors carefully monitoring these key levels for further clues.


Featured image from Dall-E, chart from TradingView 

News Feed

South African Government to Add Crypto Entities to ‘List of Accountable Institutions’
South African Government to Add Crypto Entities to "List of Accountable Institutions" According to the South African government, crypto entities — or businesses whose activities
Bitcoin ATM Locations Surge to Over 7700 Worldwide Amid Global Crisis
Bitcoin ATM Locations Surge to Over 7700 Worldwide Amid Global CrisisThe number of bitcoin ATM locations has been growing rapidly amid nationwide lockdowns and the coronavirus crisi
Arijit Sarkar14 hours ago5 nations challenge crypto experts and investigators to target tax crimesThe J5 generates significant leads through events, which, in the past, has helped uncover multimillion-dollar crypto Ponzi
Canadian Regulated Cryptocurrency Exchange Wealthsimple Begins Trading
Canadian Regulated Cryptocurrency Exchange Wealthsimple Begins TradingFollowing the regulatory sandbox approval by Canadian regulators, Wealthsimple announced that it has launched &
Inflation Hit Ethiopia Demonetizes Currency To Curb Cash Hoarding
Inflation Hit Ethiopia Demonetizes Currency To Curb Cash HoardingThe Ethiopian government has unveiled a new set of banknotes that are expected to help authorities in curbing cash h
Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit
Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit While a large fraction of crypto assets dropped a great deal in value during the pas
State of Wisconsin reports $164M investments in spot Bitcoin ETFs
Turner Wright5 hours agoState of Wisconsin reports $164M investments in spot Bitcoin ETFsThe entity responsible for managing assets in the state’s pension system reported it held millions of shares of the BlackRock iSh
Concerns mount over Ethena USDe’s promise of 27% yield following mainnet launch
Zoltan Vardai15 hours agoConcerns mount over Ethena USDe’s promise of 27% yield following mainnet launchThe attractive yield opportunity is causing widespread concern in the crypto community.2889 Total views9 Total sha
Paradigm calls on European markets regulator to show nuance regarding MEV
Derek Andersen4 hours agoParadigm calls on European markets regulator to show nuance regarding MEVThe venture capitalist firm said ESMA’s approach to crypto market abuse could be a disaster for the industry without sug
Goldman Sachs Downgrades Coinbase to Sell Rating — Analyst Says Firm Needs to Make Cost Base Reductions
Goldman Sachs Downgrades Coinbase to Sell Rating — Analyst Says Firm Needs to Make Cost Base Reductions Analysts from the multinational investment bank and financial services com
Sushiswap’s 2 Million Token Airdrop: Founders Face Accusations of ‘Making Defi a Joke Again’
Sushiswap"s 2 Million Token Airdrop: Founders Face Accusations of "Making Defi a Joke Again"Sushiswap’s new leader and FTX CEO Sam Bankman-Fried tweeted on September 12 that t
These Are the Most Traded Tokens on Decentralized Exchanges Right Now
These Are the Most Traded Tokens on Decentralized Exchanges Right Now The decentralized exchange landscape is evolving fast, with new liquidity aggregators and relays enhancing u