6 hour ago
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Bitcoin Approaches $100,000 Resistance With Risks of Decline Below $84,000
Bitcoin is trading at a critical level, with market participants observing closely for its next move. Crypto analyst CyrilXBT suggests that BTC is approaching a make-or-break zone as it hovers around key support levels.
Key Insights
- Bitcoin is in a broader downtrend but may be forming a base instead of continuing lower.
- The $84,000 to $88,000 zone is crucial, with buyers actively defending it, preventing a decisive breakdown.
- CyrilXBT expects a gradual upward movement if Bitcoin maintains this support, targeting the $92,000 to $95,000 range.
- $100,000 is identified as a critical resistance level, previously strong support, and now determining bullish momentum.
Potential Risks
- If Bitcoin fails to hold $100,000, a bearish outlook could emerge quickly.
- A drop below $84,000 might trigger a decline towards support zones between $76,000 and $72,000.
- Currently trading above $87,000, Bitcoin has declined over 8.5% this year; a fall below $84,000 could lead to a further loss of 12.6% to 17.2% in market value.
