While Bitcoin (BTC) continues to negotiate in the fork of $ 90,000, the cryptography analyst warned that Ali Martinez warned that the loss of a critical support level could send the main dive of cryptocurrency up to $ 83,444.
Bitcoin must maintain this level of support for further
In a post X published today, Martinez stressed that BTC must hold the ‘most critical“Level of support at $ 93,199. Not defending this price level can lead to a sharp drop in the price of digital assets, which can lower it to $ 83,444.
Martinez also highlighted a worrying drop in the number of portfolios containing one or more BTC, which has dropped 3,400 in the past two months. This trend suggests that many investors can take profits at current price levels, rather than accumulating more.
Adding to the lower perspectives, Martinez shared another graph showing that Bitcoin whales – wallets with large farms – have unloaded nearly 50,000 BTC in the last ten days. Such behavior often precedes short -term price corrections or a lateral consolidation period.
Meanwhile, the recent Bitcoin price action remains undecided. According to a distinct analysis of Crypto Trader Ash Crypto, BTC currently has two term gaps of Mercantile Exchange (CME) – one between $ 96,440 and $ 97,680 on the rise and another between $ 91,360 and $ 92.520 on the reverse.
Ash suggested that it is “very likely” that the BTC moves below to fill the difference in decline first. Once this happens, the analyst thinks that Bitcoin could rebound strongly, potentially passing the $ 100,000 mark later this month.
Offering a more optimistic perspective, the TED analyst noted that BTC is currently in the Wyckoff accumulation phase. The experienced crypto analyst said:
Currently, BTC is at a very crucial level of resistance, which means that it could see a certain consolidation. I think it is very likely that BTC retains the level from $ 92,000 to $ 92,000 before the next step.
All eyes on the meeting of the FOMC of tomorrow
Traders and investors will closely monitor the next meeting of the Federal Open Market Committee (FOMC). While the American Federal Reserve (Fed) should largely hold stable interest rates, the comments of the president of the Fed, Jerome Powell, could have a significant impact on risk assets such as Bitcoin.
Despite the technical indicators suggesting Some underlying weaknesses on the crypto market, chain metrics show the signs of a building squeezeWhile the exchange reserves continue to drop. At the time of the press, Bitcoin is negotiated at $ 94,706, up 0.8% in the last 24 hours.
Star image of Unsplash.com, X charts and tradingView.com
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