$100M Bitcoin liquidated as BTC drops: Will ETF investors panic sell?

Despite BTC falling below the realized price of ETF buyers, ETF holders did not panic sell, but a deeper correction remains on the horizon.

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3 reasons why Bitcoin traders say a BTC price trend reversal is overdue

Bitcoin price data makes a strong argument for why the current price range is a buy-the-dip opportunity.

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Is This Cycles Bitcoin Bottom In? Analysts Forecast BTC Bounce Back

As May 1st started, Bitcoin (BTC) faced a new correction that made the price stumble under the $60,000 support level. The flagship cryptocurrency has seen several retraces during this bull cycle, with BTC swiftly recovering the crucial support zones each time. However, in the past 24 hours, the largest cryptocurrency by market capitalization has struggled to regain its momentum. Some analysts believe Bitcoins bottom this cycle might be in as this correction officially became its deepest retrace. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months Is The Bitcoin Bottom Here? In the early hours of Tuesday, Bitcoin started to plunge from the $64,000 price range. As the day continued, BTC prolonged its fall to briefly trading around $59,958 – $59,191 before recovering. This time, the recovery didnt last long as Bitcoins price resumed its downward trajectory to $57,000. In an X thread, crypto trader Milkybull examined some data suggesting the bottom might finally be in. According to the analyst, BTC is following the 2017 PA. This would suggest that either the bottom is in or close. Moreover, he urged investors to remember that while good news usually signals the top, bad news signals a bull markets bottom. In the thread, the trader pointed out that the Bitcoin Bull Market Support Band indicator historically serves strong support during BTCs bull cycles. As a result, he considers that the flagship cryptocurrency might wick through the support and bounce back. 2024's Bitcoin Bull Market Support Band indicator resembling 2017's. Source: MilkybullCrypto on X According to the analyst, Bitcoin and global liquidity are also strongly correlated, with BTC currently at a level it has previously bounced back from. These bouncebacks initiated huge rallies across the crypto market in October 2022 and October 2023. Lastly, the thread highlighted that Bitcoin is at a critical decision point for the local bottom. The trader considers that while some call for a $48,000 bottom, the $51,000 support level might be where BTC bounces back to resume its cycle to this cycles top. Bitcoins Deepest Retrace This Cycle According to crypto analyst and trader Rekt Capital, this correction has officially been the deepest BTC retrace this cycle. Per the post, todays -23.64% retrace surpasses the -22.91% retrace seen in February 2023. The analyst also compared this cycles Post-Halving pullback to 2016s. Moreover, the trader considers that this bullish cycle might be more similar to the 2016 one than investors think. #BTC We are here (orange circle) And we've seen Post-Halving pullbacks like this in the past (e.g. 2016)$BTC #Bitcoin #BitcoinHalving pic.twitter.com/OvOcmJTzFk — Rekt Capital (@rektcapital) May 1, 2024 Previously, Rekt Capital listed three reasons these two cycles might be similar. Per the trader, the resemblances include the Pre-Halving Re-Accumulation Range Breakout, the Pre-Halving Retrace Beginning, and the Similar Initial Reaction after the beginning of the Pre-Halving Retrace. After todays retrace, the analyst added the Continued downside in the three weeks after the Halving as a fourth similarity between the 2016 and 2024 cycles. Like eight years ago, Bitcoin faces an additional downside below the Range Low of its Re-Accumulation Range in the three-week window after Bitcoins Halving. Moreover, the analyst suggests that the current price development comes as no surprise, as it mirrors 2016s post-Halving Danger Zone. As of this writing, the flagship cryptocurrency is trading at $57,794.89. This correction represents a 6.2% drop in the past 24 hours. Similarly, BTC is registering 13.4% and 17.7% price decreases in the weekly and monthly timeframes. Related Reading: Bitcoin Price Nosedives, Can Bulls Save The Key Support at $60K? Bitcoin's price performance in the weekly chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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Analysts Bullish On Bitcoin Despite Peter Schiffs $20,000 Doom Scenario

Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the Halving event. Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct [...]

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This Bitcoin Indicator Has Hit Levels That Often Lead To Corrections

On-chain data shows a Bitcoin metric has recently hit levels that have historically led to corrections in the cryptocurrencys price. Bitcoin Is Currently 40% Above The Cost Basis Of Short-Term Holders CryptoQuant Netherlands community manager Maartunn explained in a post on X that the BTC price is currently 40% above the cost basis of the [...]

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Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities Recovery Ahead?

Bitcoin (BTC) has failed to reclaim $84,000 resistance again and has fallen 4% to retest another crucial support zone. Some analysts suggested that the cryptocurrencys rally will be determined by its weekly close, which could see BTC crash or climb to new levels. Related Reading: Solana (SOL) Retests Crucial Support Level Is A 50% Price Drop On The Horizon? Bitcoin Hits $84,000 Wall Again After losing the $84,000-$86,000 support zone on Sunday, Bitcoin has failed to reclaim this level. The flagship crypto has retraced over 11% in the past week, briefly falling to a 4-month low of $76,600 on Monday. Since then, BTCs price has hovered between the $80,000-$84,000 range, failing to break above the ranges upper zone for the past four days. Crypto analyst Jelle noted that this resistance level has been a key level throughout the first half of March. Notably, the $84,000 mark served as an important bounce level during the start-of-month price pump and correction, and reclaiming it will make all the difference for how the rest of the month goes. Bitcoin has attempted to regain this level in the past 24 hours, climbing to $83,900 on Thursday morning. To the analyst, a reclaim of $84,000 could propel the price back to the post-election breakout range, and things would get real interesting. Ali Martinez pointed out that the biggest supply barrier for Bitcoin sits at the $95,000 range, where 1.2 million investors purchased 726,000 BTC. He also noted that the largest cryptocurrency by market capitalization is consolidating within an ascending triangle, which could lead to a 9% surge to the $90,000 mark if it breaks out above $84,000. Nonetheless, BTC failed to reclaim this key resistance and retraced to the $80,000 support zone. Jelle warned that bulls need to defend the current area, or this could cascade towards the high seventies once more. Is BTCs Cycle Top Or Bottom In? Ted Pillows suggested that BTC is poised for another leg up as its price action resembles previous performances. He highlighted that Bitcoin has held its ascending support trendline like in 2017 and 2020, which shows that the cycle isnt over yet. Based on this historical price performance, the analyst considers that the cryptocurrency could retest the $72,000-$74,000 support before a local bottom is in. After that, there’ll be some consolidation followed by the next leg up, he explained. Trader Titan of Crypto pointed at a potential reversal as BTC is showing signs of bottoming on the weekly chart with the Relative Strength Index (RSI) as support, an Oversold Stochastic RSI bullish crossover, and price at the lower Bollinger Band. He also noted that BTCs price action resembles 2020s market structure before a major breakout. Related Reading: Ethereum Risks Another 15% Correction After Fall Below $2,000 Whats Next For ETH? Meanwhile, analyst Nebraskangooner affirmed that Bitcoin has been historically predictable, which suggests that its weekly close range will be key for the next move. According to the post, if BTC closes the week below $67,250, it would potentially indicate the market has already hit the top, as it would become a distribution range. The analyst explained that the cryptocurrency has respected the distribution, accumulation, and instant reversal levels in every BTC bear market. If Bitcoin remains historically predictable, the cryptocurrency could fall to levels not seen since late 2023 and early 2024. As of this writing, BTC trades at $80,810, a 3.4% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoin Correction Soon? MVRV Triple Ribbon Approaches Bearish Cross

On-chain data shows the Bitcoin MVRV Ratio Triple Ribbon is approaching a bearish cross, a sign that a correction could be coming soon for the crypto’s price. Bitcoin MVRV Ratio Triple Ribbon Is Close To Bearish Crossover As pointed out by an analyst in a CryptoQuant post, the MVRV ratio warns that a new round of decline may be coming for BTC. The “MVRV ratio” is an indicator that measures the ratio between the market cap of Bitcoin and its realized cap. The realized cap is a capitalization model for BTC that calculates a sort of “real value” for the asset by assuming that the true worth of each coin in circulation is the price at which the particular coin was last moved. Related Reading: XRP Accumulation: Key Sharks And Whales Group Hits All-Time High Holdings By comparing this realized cap with the market cap, the indicator tells us whether the coin’s actual price is fair or not right now. Here is a chart that shows the trend in three moving averages (10-day, 15-day, and 20-day) of this metric over the last few months: The three MAs seem to have been closing in on each other in recent days | Source: CryptoQuant These three MAs of the Bitcoin MVRV Ratio together form the “Triple Ribbon” indicator, and crossovers between these ribbons have historically had implications for the price of the asset. As you can see in the above graph, whenever the 10-day MA has passed below both the 15-day and the 20-day versions, while at the same time the 20-day has gone above both the others (thus keeping the 15-day’s position unchanged in the middle), a bearish crossover has formed for BTC. There have been two instances of such a cross during the last few months; the first one occurred back in August when Bitcoin was at the height of its first relief rally of this bear market, while the other one formed in November right as the FTX crash came around. In both of these occurrences, BTC’s price took a deep plunge following the cross formation. Related Reading: Altcoin Indexes Take Beating As Investors Flip Alts For Bitcoin From the chart, it’s apparent that the MVRV Ratio Triple Ribbon has once again been approaching this same kind of bearish crossover recently. If these MAs continue in this trajectory and the cross does end up happening, then it might mean the crypto will see another sharp drop soon. BTC Price Looks like the value of the asset has continued to move sideways in the last few days | Source: BTCUSD on TradingView At the time of writing, Bitcoin’s price floats around $16,800, down 5% in the last week. Featured image from Mark Basarab on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin Corrections Are Nothing New, Says Tech Analyst

We’ve seen far too many Bitcoin corrections this year for comfort. However, “history and probability” suggest that this latest 40% correction isn’t signaling a bear market… *Check out the CryptosRus Bitcoin chart! Covered: How Many Bitcoin Corrections Equal A Bull Market? The RHODL Ratio Corrections Are Nothing New How Many Bitcoin Corrections Equal A Bull […]

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Bitcoin dips below $94K level, bears now in control?

Market analysts, including Arthur Hayes, have warned of deep short-term price corrections before Bitcoin establishes a new all-time high.

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A 20%-30% Correction Is The Most Bullish Thing That Could Happen To Bitcoin Analyst

Bitcoin is navigating turbulent waters as its price continues to slide, searching for a stable support level amid growing uncertainty. The current downward momentum has sparked concerns among investors and analysts, with many questioning whether Bitcoin has reached its cycle top. Sentiment in the market has shifted dramatically, with fear replacing the once euphoric optimism that drove the cryptocurrency to recent highs. Related Reading: Chainlink Is Forming A Head-And-Shoulders Pattern Confirmation Could Take LINK To $14 Despite the unease, crypto analyst Ali Martinez offers a more optimistic perspective on the situation. In a recent analysis shared on X, Martinez suggested that a 20% to 30% correction could actually be the most bullish outcome for Bitcoin at this stage. He highlights how such pullbacks have historically set the stage for stronger rallies by shaking out weaker hands and allowing the market to reset before resuming its upward trajectory. As Bitcoins price action teeters on the edge of a potential breakdown, all eyes are on the key support levels that could determine the next move. Will Bitcoin confirm the fears of a cycle top, or will a healthy correction provide the foundation for the next leg of its rally? The coming weeks will be crucial in shaping the narrative for the worlds leading cryptocurrency. Bitcoin Correction Looms  Bitcoin appears on the verge of entering a critical correction phase, with the $92K level emerging as the line in the sand. Analysts and investors are increasingly concerned that a drop below this thresholdand potentially the $90K markcould trigger a wave of selling pressure, driving the price into sub-$80K territory. The growing fear has cast a shadow over Bitcoin’s bullish narrative as many brace for potential downside risks. Related Reading: ONDO Faces 30% Correction Risk If It Loses $1.46 Support Top Analyst However, not everyone sees this potential correction as bearish. Martinez offers a contrarian viewpoint, suggesting that a 20% to 30% correction could be the most bullish outcome for Bitcoin within the context of a bull trend. Martinez presented a compelling chart showcasing every Bitcoin correction exceeding 20% during past bull markets. His findings reveal that each of these corrections acted as a reset for the market, shaking out weaker hands and paving the way for stronger rallies. Martinez emphasizes that corrections are a natural and healthy component of Bitcoins price cycles, especially during bull runs. By allowing the market to recalibrate, they set the stage for sustained upward momentum. If Bitcoin does experience a significant pullback, it could be the precursor to a more robust and prolonged rally in the coming months. BTC Testing ‘The Last Line Of Defense’ Bitcoin is currently trading at $94,500, grappling with sustained selling pressure and bearish price action. The market sentiment has shifted significantly in recent days, with fears of a deeper retracement gaining traction among analysts and investors. Many believe that if Bitcoin loses the $92,000 mark, it could open the door for an accelerated decline. The $90,000 level is emerging as the critical support zone that Bitcoin must hold to maintain its bullish outlook. This level represents a psychological and technical barrier that could determine the cryptocurrency’s trajectory in the weeks ahead. If BTC manages to stay above $90K, analysts anticipate a strong recovery that could reignite bullish momentum and lead to a push toward previous highs. Related Reading: Ethereum Price Setting For a Big Move Breakout Or Downturn? However, the stakes are high. A decisive break below the $90,000 level would likely exacerbate selling pressure, driving Bitcoin into deeper correction territory. In such a scenario, prices could fall as low as $75,000, marking a significant pullback from recent highs. Featured image from Dall-E, chart from TradingView

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

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 Currently trading below $100K, Bitcoins 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. Adlers 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. 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? 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.   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 In the current environment, Bitcoins 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

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Bitcoin Realized Losses Spike 3 Times The Weekly Average Healthy Correction Or Downturn?

Bitcoin has faced its first major correction since early November, dropping 13% from its all-time high of $108,364. This sudden pullback has sent shockwaves across the crypto market, shifting sentiment from extreme bullishness to uncertainty and even fear. The sell-off has been particularly brutal for altcoins, many of which are bleeding hard as Bitcoin struggles [...]

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Trumps inauguration could mark local top for crypto, research shows

Historically, markets outperform after presidential elections and then stall once the President-elect takes office, data shows.

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Bitcoin was pronounced dead 415 times, now it battles for $100K

Based on the growing global money supply projected to peak at $127 trillion in January 2026, some analysts predict a Bitcoin cycle top above $132,000.

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Bitcoin 30% correction in play ahead of $100K BTC rally Analysts

Analysts are eyeing a 2030% Bitcoin correction before the worlds first cryptocurrency breaches the $100,000 mark.

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Bitcoin Trader Unrealized Profit Margins At High Levels Risk Of Correction?

Bitcoin set a new all-time high yesterday, reaching $93,483, continuing its impressive rally without significant setbacks. Over the past nine days, the crypto leader has surged with minimal dips, not falling more than 5% during this bullish phase. This relentless price action has drawn widespread attention as Bitcoin defies expectations and resists any notable pullback. Related Reading: Chainlink Whales Waking Up Data Shows Signs Of Accumulation Key data from CryptoQuant reveals that traders’ unrealized profit margins are climbing, indicating that the market may be nearing a short-term peak. High unrealized profit levels typically signal that a correction could be on the horizon as investors look to secure gains. However, given the current strength of Bitcoin’s price action, the timing and scale of any correction remain uncertain. With Bitcoins price momentum showing few signs of slowing down, the coming days will be crucial in determining whether the market can sustain these levels or if a healthy retrace is in store. Investors are closely watching for potential entry points and key support levels, knowing that even minor dips could trigger strong buying interest as Bitcoins bullish phase persists. Bitcoin Strong Move About To Pause? Bitcoins price action has been remarkable, surging 38% since the U.S. election and capturing widespread attention with its unrelenting bullish momentum. However, this aggressive rally may be approaching a temporary pause, as data hints at a potential correction.  CryptoQuant’s head of research, Julio Moreno, recently shared a compelling chart highlighting Bitcoin traders unrealized profit margins, which have reached 47% a level that has often preceded price pullbacks. High unrealized profit margins can indicate that traders are sitting on significant gains, raising the likelihood of profit-taking that could trigger a market cooldown. Morenos analysis notes that this metric tends to correlate with a heightened risk of a correction when it surpasses certain thresholds. For instance, prior peaks in March reached 69%, while December 2023 saw unrealized profits hit 48%, both instances that led to notable corrections shortly after. Still, the current 47% level suggests that, while caution may be warranted, Bitcoins bullish phase still has room to run. Past cycles demonstrate that the market has tolerated even higher unrealized profits before reversing. The data implies that while a pullback may be on the horizon, Bitcoin could continue its upward trend a bit longer before any significant cooling occurs. Related Reading: Dogecoin Could Target $2.4 If Price Aligns With Macro Pattern Details In the coming days, investors will be watching closely for any signs of a consolidation phase or a potential retracement. Should Bitcoin maintain strong support levels, continuing this bull run remains plausible. However, if profit-taking intensifies, a correction could provide a healthy reset for Bitcoin to gather momentum for future gains. BTC Breaking ATH Almost Every Day Bitcoin has shattered its all-time high seven times over the past eight days, fueling a highly bullish sentiment across the market. Currently trading at $90,620 after peaking at $93,483, Bitcoins price action remains strong, signaling sustained buying momentum. This surge has set a notably optimistic tone, but a brief correction period could provide a necessary reset after such an extended upward push. Given the high buying pressure, a short-term pullback to establish a new market equilibrium would be a healthy development. This could allow Bitcoin to test lower demand levels and establish stronger support areas for its next leg up. If profit-taking intensifies in the near term, BTC could revisit the $85,000 mark as it seeks to stabilize. Related Reading: Bitcoin Weekly RSI Entering Power Zone Last Time BTC Soared 80% In the coming days, investors will likely watch for this potential consolidation phase to gauge Bitcoins resilience. A successful retest of support around $85,000 would reaffirm confidence in the ongoing bull market, providing a stronger foundation for Bitcoin to push toward even higher levels. Overall, while the trend remains bullish, a balanced correction may be just what the market needs to maintain its momentum over the long term. Featured image from Dall-E, chart from TradingView

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Crypto market in extreme greed, may need deleveraging before $100K BTC

The last time the Crypto Fear & Greed Index had a score of 80 was on April 9, just before Bitcoin saw an 18% correction over the following three weeks.

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Bitcoin Could See One Last Shakeout In November, Here Are The Levels To Watch

Bitcoin (BTC) has recorded a remarkable surge in the past 14 days, nearing the $70,000 mark earlier this week. However, some market watchers shared their worries about the recent retraces, suggesting the cryptocurrency could face another correction ahead of the US Presidential election. Related Reading: Is The Cat Season Here? MEW Hits $1 Billion Market Cap After New ATH Bitcoin To Face Another Shakeout Soon This Uptober, Bitcoin has recorded a 12% surge from its opening price, jumping from the $60,000 support level and reclaiming key resistance zones. In the last two weeks, BTC recovered 14% from the early October shakeouts, nearing a retest of the long-awaited $70,000 mark. The cryptocurrency faced major resistance after surging above the $69,000 zone, a level not seen since late July. After the unsuccessful retest, Bitcoins price faced a 5.3% pullback toward the $65,000-$66,000 range, failing to reclaim the $67,000 mark until Thursday. Based on BTCs recent performance, some analysts consider that the flagship crypto is poised to face another correction in the coming weeks. Crypto analyst Altcoin Sherpa revealed he is unsure about where Bitcoins extremely chippy conditions are headed in the short term. Sherpa shared that the cryptocurrency could see one last shakeout sometime in November. He suggested  BTC could face another pullback toward the $62,000-$64,000 price range around the time of the US Presidential elections, scheduled for November 5. However, the analyst believes that Bitcoin will continue its bullish rally after the shakeout. Another market watcher also forecasted another correction for BTCs near future. Analyst Crypto King stated that BTC is set to close above $70,000 this week before facing rejection from the key level. Following the rejection, Bitcoin would retrace 8% toward $64,000-$65,000, which could propel altcoins to start moving 5-6x from the current position, according to the analyst. Is BTC Set For A Green Weekly Close? Despite the rainy forecast, other investors remain bullish on the flagship crypto. Crypto analyst Moustache set the $67,000-$68,000 range as insanely important support levels. To the analyst, if BTCs price holds its support there, it will hit $70,000 soon. After Bitcoin jumped above the $68,000 resistance on Friday morning, Crypto Yapper noted that BTC broke out of a weekly bull flag and was ready for an exponential move.” The analyst also asserted that the next horizontal level to break before the $70,000 test is $69,000. Related Reading: Web3 Automation Provider Ava Protocols Demand Surges 900% Ahead Of Token Launch Nonetheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTCs old downtrend line is supporting, which serves as post-breakout confirmation. Per the post, the cryptocurrency would record a bullish weekly close above the $66,300 mark. The analyst also highlighted that if BTC closes above the $67,900 zone, It will register a very bullish weekly close ahead of Octobers last week. At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoin Eyes Potential Rebound To $98,600, But Analyst Suggests Caution

The markets New Year rebound turned into a start-of-year retrace after Bitcoin (BTC) dropped from the recently reclaimed $100,000 support into the $94,000 territory. Amid the drop, an analyst shared his cautiously bullish outlook for BTCs price. Related Reading: ADA Wave Is Coming: Cardano Whales Go On Buying Spree As Price Attempts Breakout Bitcoin Risks Crash To $74,000 On Tuesday, Bitcoin dropped below $97,000, dragging the market into the first pullback of the year. BTC began 2025 trading around the $92,000 level but climbed around 6.5% in the following days. After turning the $98,000 resistance into support over the weekend, Bitcoin jumped back above $100,000, reaching its highest price in weeks. However, BTC struggled to maintain this key support zone, dipping 3% in an hour yesterday. The cryptocurrency has dropped another 2.5% in the past day, falling as low as $94,500 on Wednesday morning. Since then, BTC has hovered between $94,800 and $95,600, briefly testing the $96,000 resistance. Crypto analyst Ali Martinez examined BTCs recent performance. In an X threat, the analyst noted that Bitcoin had breached the right shoulder of a head-and-shoulders pattern on Monday, invalidating the bearish setup pattern. However, the reversal erased those gains, dragging BTC back below the right shoulder and reigniting bearish concerns, as this pattern could trigger a correction to at least $78,000. Martinez also pointed out that Bitcoin has fallen below a key demand zone, between $95,400 and $98,400, where 1.77 million addresses acquired over 1.53 million BTC. The analyst suggested the price drop could force these holders to sell some BTC to cut potential losses. He also noted there isn’t significant resistance ahead for the flagship crypto, with only a minimal supply wall of 107,000 BTC between $104,700 and $105,770. Nonetheless, the analyst warned that a surge in selling pressure that pushes the cryptocurrency below the $92,000 mark could spell trouble, as it would open the door to a steep drop, with little support until $74,000. Therefore, the current market conditions, from a macro perspective, are reigniting fears of a potential Bitcoin crash, he added. BTC Price Set To Bounce Soon? The analyst also shared a cautiously bullish outlook for BTC from a technical perspective. Martinez pointed out that TD Sequential presented a buy signal on Bitcoins 4-hour chart, suggesting a potential price rebound if the price can hold the $93,500 support zone. Additionally, he highlighted that traders on Binance are leaning bullish on Bitcoin, as  61.28% of all traders on the crypto exchange with open positions are betting that the price will go up. Martinez also noted that $35 million would be liquidated if BTCs price rebounds to $98,600, suggesting that market makers may try to grab it. Similarly, theres another $66 million liquidation zone above $103,300. Related Reading: Crypto Trader Makes $21 Million From AI Agent Token As Sectors Faces Backlash However, the analyst emphasized that Bitcoin must reclaim the $100,000 support to invalidate the bearish outlook and set its sights on new all-time highs. Martinez concluded that BTC could rebound to $98,600 in the short term, but the macro suggests caution. As of this writing, Bitcoin is trading at $94,500, a 3.3% retrace in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoin price dip to $92.5K caused by Fed interest rate concerns: Analyst

Rising concerns about Federal Reserve monetary policy and rising bond rates are having a negative impact on Bitcoins price.

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