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Bitcoin Falls Below $90,000 as Analysts Predict Possible Retest of November Lows
Bitcoin (BTC) is testing a critical support area after falling 5% from recent highs, dipping below $90,000. Analysts indicate the structure remains intact but warn of retesting November lows if there's no swift recovery.
Key Developments:
- BTC lost the $90,000 level, stabilizing at a key support area after previously hitting a local low of $80,600.
- The current trading range is between $82,000 and $93,500, with a recent high of $94,150.
- Analyst Ted Pillows suggests BTC may dip further before attempting another breakout.
- Altcoin Sherpa outlines two scenarios: a bounce back to $93,000-$94,000 or a slide to November lows.
Analytical Insights:
- Rekt Capital highlights the importance of the resistance weakening over time for a potential breakout.
- BTC's consolidation structure remains intact if it closes above range lows.
- A shallower pullback indicates potential stability, even with a drop to $86,000.
- Current trading price is $89,400, marking a 2.9% daily decline.
