Jan 10, 2025
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Bitcoin Faces Support Levels Between $86K and $89K
Bitcoin has experienced significant selling pressure since Tuesday, dropping from above $100K to a low of $92,500. This decline has raised caution among investors regarding the trajectory of Bitcoin.
- Key support levels identified by analyst Axel Adler are between $86.8K and $89.7K.
- These levels represent demand zones where accumulation could occur if selling pressure subsides.
- Current trading level is around $93,400, with a critical test below $95,000.
- A brief surge above $100K failed to sustain momentum, raising concerns about further downside risks.
- Reclaiming the $95K level is essential for bulls to regain control, followed by the $98K mark for confirming bullish consolidation.
- If the $92K support fails, Bitcoin could drop to lower demand zones around $85K.
The coming days are crucial for determining whether Bitcoin can stabilize and initiate a bullish push.
