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Bitcoin Drops Below $90K Amid $500M Liquidations, Market Volatility
Bitcoin Market Volatility and Corporate Strategy Response
- Bitcoin dropped below $90,000 due to over $500 million in liquidations, highlighting the impact of low liquidity during U.S. market closures.
- Strategy, the largest corporate BTC holder, announced they would hold Bitcoin until 2065 unless extraordinary conditions arise.
- Strategy's CEO noted they've raised capital to manage dividend obligations and margin risk, calming market concerns slightly.
- As a result, Bitcoin trading volume decreased by about 4%, stabilizing its price around $89,691.
Bitcoin Price Forecast
- Bitcoin is forming a cup-and-handle pattern, suggesting a potential upward trend if it surpasses the resistance levels.
- The first major resistance is at the Bollinger midline (~$100,308), with further targets potentially at $120,000 and $130,000.
- The current market scenario indicates a 28.8% chance for Bitcoin to exceed $100,000, while there's a 57% probability of falling to near $82,000.
- The RSI is at 34.6, indicating recent overselling; improvement in momentum could push prices higher.
- If Bitcoin holds above $80,755 and reclaims $100,308, it may rise towards $120,000. Failing to maintain above $80,755 could lead to a drop towards $70,000.
