Bitcoin Bearish Case Emerges. Is A Dump To $73,000 Coming?
New technical analysis of TradingView suggests that Bitcoin may be approaching a decisive moment, with possible breakdowns likely below key support levels. The possibility of this analysis opens up the possibility of below strong support levels when Bitcoin is under pressure to buy. If this happens, Bitcoin Further disadvantages can be seen In the next few weeks, to $80,000 or even $73,000.
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Bitcoin faces $93,000 in key support tests
Technical analysis shows that Bitcoin fluctuates between the upper resistor zones at $108,000, and the lower support level is $93,000. In particular, crypto analyst MMBTTRADER pointed out This support area Since the Bitcoin price began trading within this range, it has been tested several times, and that is six times. Such multiple retests are expected to weaken the support zone, as buyers can also give up very quickly.
The latest test occurred on February 18, when Bitcoin rebounded at $93,900, slightly above the $93,000 level. However, Bitcoin has not yet established a decisive recovery from the region and it is still possible to have a complete failure. In particular, analysts noted that as buyer momentum fades out, the likelihood of a decline in support to $93,000 has increased.
Rapid disruptions below $93,000 could lead to downside action, although there are a small amount of support levels of $78,900, which could prevent this sharp decline. Interestingly, this bearish situation is Previous analysis This points to the lack of strong support in the $12,000 range between $87,000 and $75,000.
Bitcoin at the intersection: Fault or new high?
MMBTtrader’s technical analysis illustrates the current market structure of Bitcoin, which is a Consolidation stage Instead of being completely bearish. Despite recent developments Signs of bearishness, Bitcoin has not yet transformed into a fully bearish pattern.
Instead, the current price action only indicates a period of hesitation Bullish and bearish The scenario is possible. Repeated retests supported by $93,000 may lead to strong malfunctions, but at the same time, a new wave of buying momentum could also trigger rallies over $100,000.
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Analysts also point out the situation in Bitcoin Pick up the buying momentum And pop up the support level of $93,000. If the $93,000 support level holds, Bitcoin may gain momentum for another rally for a new all-time high. In this case, analysts highlighted a rally towards a new high-target area of ​​about $113,220.
At the time of writing, Bitcoin is trading at $96,470, down 2% in the past 24 hours. Its all-time high also fell 11.5%.
Featured images from Pixabay, charts for TradingView
