Bitcoin’s price fall has triggered an unprecedented sell-off in the cryptocurrency market. This trend doesn’t look to slow down any time soon. If Bitcoin continues to trade below $90,000. There are many implications depending on its next move. A crypto analyst looked at the possible outcomes of the tug-of war between bulls and bears. With major levels on the line, each direction is feasible.
The Bitcoin price could play out either way
Crypto analyst HAMED_AZ analyzes Chart of Bitcoin Price, showing the current trend. What could be the cause for a rebound or crash? Crypto analyst, first of all, explains the current state of the bitcoin market. The cryptocurrency’s value has dropped by more than 35,000 dollars since its all-time record high of 126,000.
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The correction phase places the crypto currency in a very narrow range. It is held between $84,000-$94,000. These levels were major resistance and support in the past. They are the key points that determine what happens next.
The Bitcoin price will not move significantly if you continue to trade within this range. It is when one of the support levels or resistance level is broken that we will see a major move.
Bull or Bear Case to Watch out for
If the Bitcoin bulls manage to break through the resistance level of $94,000, which has been increasing over the course of the last seven days. If the Bitcoin bulls are able to crush the resistance that has been building at $94,000 over the last week, it will push the price of Bitcoin towards retesting the level.
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The crypto analyst is confident that if the breakout occurs and resistance does not hold, the Bitcoin price can once more cross over the psychological $100,000 level. Before the momentum ends, $108,000 is the main goal.
The bears can still take over if the price is pushed below $84,000. The level has been the main support during the previous downtrend. It is therefore the one to be held. This level must be held. Failure would cause a massive crash, which could bring the Bitcoin price to as low as $72,000.
Charts from TradingView.com and Dall.E.
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Source: www.newsbtc.com
