Bitcoin Faces Potential Drop to $94,000 If Support Fails
Bitcoin (BTC) is currently attempting to recover after dropping below the $110,000 support for the first time in nearly two months. The cryptocurrency reached an eight-week low of $107,900, raising concerns over a potential retest of the $90,000 level.
Market Overview
- Current price: $107,947, reflecting a 7.5% weekly decline.
- Crashed below the local range of $108,700-$119,500.
- Signs of market fatigue are emerging, including cracks in Bitcoin Dominance.
- Analyst Ali Martinez noted similarities with 2021 price actions before a bear market.
Technical Analysis
- Bearish signals from the MACD indicator align with recent price drops.
- Death cross in the MVRV Momentum indicator suggests a shift from positive to negative momentum.
- The $108,700 support level is critical; a drop below may lead to deeper trend shifts.
- If immediate support fails, potential retests of $104,500 and $97,000 are expected.
Analyst Ted Pillows indicated that $124,000 might be the local top, suggesting historical patterns could lead to a reversal after a retest around the $92,000 zone, predicting a new all-time high by late 2023.
