Bitcoin Hits Three-Day Low, Eyes Still Set on $90K Mark
- Bitcoins weekend low of $83,974 raised doubts over strength of near-term support zones.
- Analysts warn the $83K level isnt secure; $83K$86K remains a key short-term range to monitor.
- U-shaped recovery hints at upside, but bearish reversal patterns still threaten downside to $80K.
Bitcoin faced a turbulent ride over the weekend, dipping to a three-day low of $83,974 on April 20 before bouncing back. The drop, recorded just before the weekly close, marked a 1.5% decline, signaling continued fragility in market momentum. Despite a relatively calm weekend overall, concerns surfaced about how stable current support levels truly are.
One of the loudest voices of caution came from analyst Mark Cullen, who examined liquidity across exchange order books. While the $90,000 target still seems within sight, Cullen warned the $83,000 level could be swept out before any real move higher occurs.
Bitcoin 90k liquidity still calling. BUT, i think the 83k level isnt safe, those lows from last Sunday and Wednesday are likely to get run first, he said on X.
He also pointed to the likelihood of Bitcoin first dipping below recent lows before a strong bullish structure might rebuild. The expected range, as noted by Cullen, remained around $83,000 to $86,000, particularly over the Easter holiday weekend when market activity was slower.
$83K$86K Key Range to Watch
Trader Daan Crypto Trades echoed the idea of a compressed chart ready to pop. The quiet trading over the holiday, he noted, might not last. He emphasized that once any significant news hits the wirepositive or negativeit could trigger large moves simply from traders being squeezed.
Generally those moves are not one you want to be fading when it occurs. $83K-$86K is the range to watch in the short term, he added.
Daan shared a chart comparing Bitcoins price action with the CME Groups Bitcoin futures closing price. He suggested that this discrepancy might create a gap, potentially pulling prices upward as the market attempts to fill it.
Alpha Trader Sky outlined a U-shaped recovery forming on the chart and suggested that if it holds above $84,000, a sharp move toward the $88,000$90,000 range could follow.
However, he also flagged the red zone, warning, theres a Rising Wedge & a Diamond Reversal Pattern that can retest $80K/our lows in this range, if theres fuckery.
Bitcoin Sustained Support Builds Bullish Case
Rekt Capital offered a broader perspective, sharing a bullish technical development. According to him, BTC has not only escaped a months-long downtrend but also held its ground during repeated retests.
Bitcoin hasnt just broken the Downtrend and successfully retested it as support for the first time since Downtrend formation, he explained. But Bitcoin has also been able to sustainably maintain above the Downtrend for a period of several consecutive days now.
Adding a note of long-term optimism, Robert Kiyosaki, author of Rich Dad, Poor Dad, weighed in with a bold forecast. Noting that Bitcoin currently trades around $84,000, he stated, Strongly believe Bitcoin will reach $180k to $200k in 2025.
Related Readings | Tether Surges Toward $1.5B Revenue Milestone as Ethereum Lags Below $200M
Read more: https://www.tronweekly.com/bitcoin-hits-3-day-low-eyes-still-set-on-90k/
Text source: TronWeekly
