Bitcoin Must Stay Above $93,400 for Bullish Momentum
Bitcoin may be experiencing a market rebound, as predicted by crypto analyst Ali Martinez. The cryptocurrency is currently at a pivotal price point, influencing both bullish and bearish market trends.
Bitcoin Must Stay Above $93,400 To Retain Bullish Drive
In a video post, Martinez noted that Bitcoin could be on the verge of recovery based on specific market indicators. BTC is showing a bullish divergence against its relative strength index, indicating reduced downward momentum and a potential price reversal.
There are approximately $14 million in potential liquidations at $95,300, a key price zone targeted by market makers. These positions are often eliminated to increase market liquidity and volatility, allowing for opportunistic trades.
An increase in long traders on the Binance exchange from 53.12% to 64.04% further supports Bitcoin's potential rebound, suggesting that more traders expect a price rise.
Since Martinez’s post, Bitcoin has surpassed $94,800, identified as crucial resistance. It is projected to rise to $95,600, with an upper target of $98,373 in the near term. However, if Bitcoin drops below $93,400, it could decline to $84,000 or even $70,000, representing a potential 25% decrease.
BTC Price Overview
Currently, Bitcoin trades at $95,173 after a 0.93% gain in the last 24 hours. Trading volume has decreased by 53.76%, now at $24.76 billion. Despite a bearish end to 2024, market optimism remains high. Analysts view 20-30% corrections as part of a bull market, paving the way for stronger rallies. With 2025 approaching, a surge above $100,000 is crucial for initiating another uptrend, with projections reaching $350,000 in the new year.
