Bitcoin Price Faces Key Resistance at $94,000 Amid Market Sell-Off

The recent price decline in Bitcoin has led to a significant sell-off across the crypto market. Currently trading below $90,000, Bitcoin is in a corrective phase after reaching an all-time high of $126,000. The cryptocurrency has lost over $35,000 in value.

Current Market Analysis

  • Bitcoin is trading within a range of $84,000 to $94,000.
  • These price points serve as major support and resistance levels.
  • A breakout from this range will determine the next major move.

Bitcoin price

Potential Scenarios

  • If bulls break the $94,000 resistance, Bitcoin could retest and potentially exceed $100,000, aiming for $108,000.
  • If bears push the price below $84,000, Bitcoin could drop to $72,000.

Bitcoin price chart from Tradingview.com