Apr 20, 2025
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Bitcoin Bull Market Depends on Key Support Level at $49,000
Analyst Tony Severino states that the Bitcoin (BTC) bull market remains intact unless it falls below a critical level. After reaching a peak of $109,000 in January, Bitcoin has corrected over 32.5%, trading as low as $74,000 recently.
Key Price Level for Bitcoin
- Severino identifies $49,000 as the essential support level.
- This level corresponds to the last higher low on Bitcoin's ascending trendline from Q3 2023.
- A drop below this price would indicate a shift in market sentiment and could end the current bull run.
Currently, Bitcoin is consolidating between $83,000 and $86,000, with rising accumulation. A recent US tariff pause reduces downside risks, but resistance at $86,000 and $91,000 remains.
Bitcoin Price Forecast
- Current price: $85,312, up 0.91% in the last 24 hours.
- Trading volume increased by 19.77% to $15.26 billion.
- Market sentiment is neutral, with the Fear & Greed Index at 37.
- Price predictions suggest potential targets of $108,296 in five days and $111,236 in one month.
