Bitcoin Falls Below $90,000 Before Rising Above $96,500
Bitcoin's (BTC) price fluctuated between $90,000 and $100,000, impacting investor sentiment. Key points include:
- Bitcoin dropped below $90,000 on Monday but rose above $96,500 on Tuesday, gaining over 8%.
- Tom Lee from Fundstrat views the current 15% decline as a normal correction for Bitcoin.
- Glassnode data indicates drawdowns of 15%-20% in this cycle, less severe than previous 30%-50% declines, suggesting increased asset maturity.
- Lee identifies $70,000 as strong support, with potential testing of $50,000 if it fails to hold.
- Common Fibonacci retracement levels include 23.6%, 38.2%, 50%, and 61.8% from the all-time high.
- Despite short-term corrections, Lee remains bullish, predicting Bitcoin could reach $200,000 to $250,000 by year-end 2025.
