Key Support Level At $74,000 Determines Bitcoin Bull Or Bear Future
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Bitcoin (BTC) has made significant corrections since January 31, with leading cryptocurrencies falling by as much as 27.52%.
Bitcoin’s price is currently worth about $79,000, maintaining an unstable balance at the critical support level known as the “magic line,” which is $74,000, key in determining the market’s trajectory or bearishness.
Historical buffer for bear markets
In the nearest one Social Media Posts On X (formerly Twitter), market expert Profure stressed that the “Magic Line” ranked $74,000 in his analysis at $74,000, which is not only a number, but a key indicator of market sentiment.
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According to experts, this line has historically been a buffer against bear market conditions. For example, during the 2020 market correction period, Bitcoin remained above this support level until Bear market Confirmed. Profit Doctor asserted: “Mass correction, even 30-50%, does not mean a bear market.”
This market volatility has been exacerbated Worry about recessionTo some extent, President Donald Trump’s active tariff policies target countries such as China, Canada and Mexico.
These actions have raised concerns about a potential trade war, further weakening investor sentiment and leading to riskier asset retreats, including cryptocurrencies.
But BTC is not alone decline. In this regard, peers such as Ethereum (ETH), XRP, SOLANA (SOL) and CARDANO (ADA) also followed Bitcoin’s lead in this regard, experiencing 10%, 6%, 5% and 6% drops in a 24-hour timeframe, respectively.
The best bitcoin entry point is between $52,000 and $60,000?
In the nearest other postal On social media platform X, Profure Docut discusses the possible recession situation, which suggests that the best entry point for investors may be between $52,000 and $60,000.
This forecast means that if this happens, the probability of BTC falling from $79,000 to worst-case scenarios is 34%, and if this happens, it is an increase of $52,000, which increases concerns among businessmen and investors.
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Doctors’ profits remain vigilant, monitoring not only Bitcoin’s actions, but also stock markets Encrypted price. He turned his sights to key short positions, with the target profit level (TP1) in line with the magic line.
“If Bitcoin is hard to bounce, I will re-enter,” said the market expert. Profit Doctor concluded that his analysis said, “If weaknesses are shown, I will keep cash and look for lower entries between $50,000 and $60,000.”
Despite finding a temporary foothold at least $79,460, the largest digital asset, BTC, has fallen 14% in the past two weeks, to its lowest level since November 2024.
Featured images from dall-e, charts from tradingview.com
