Bitcoin Drops Below $95,000 Amid Market Retrace
Bitcoin (BTC) has fallen below $95,000, prompting concerns about a possible further decline. Analysts suggest BTC needs to reclaim key levels to maintain its long-term bullish trend.
Market Overview
- BTC dropped 5.7% over three days from Friday’s highs.
- Initial price gains following the US SEC's withdrawal of its case against Coinbase were negated by Bybit's $1.5 billion hack.
- Current trading range is between $95,000 and $96,000, with a low of $93,800 reached recently.
- Historically, BTC has not closed below its daily support zone in over a month, needing to close above $95,700 to maintain this level.
Technical Analysis
- Rekt Capital noted that BTC requires a monthly close above $96,000 to sustain its bullish trend.
- A significant breakout occurred when BTC closed above $100,000 in January.
- BTC must reclaim and close February above $96,700 to confirm this breakout and promote trend continuation.
- Current price: $94,165, reflecting a 2.1% decrease within the day.
