🔥$BTC 🔥 #Bitcoin is back below $100,000! Now what??
Let's dive in 👇
Yesterday, breached the right shoulder of a head-and-shoulders pattern, invalidating the bearish setup. However, today's reversal erased those gains, dragging $BTC back below the right shoulder and reigniting bearish concerns.
With this recent downswing, #Bitcoin has fallen below a key demand zone at $95,400–$98,400, where 1.77 million addresses acquired over 1.53 million $BTC.
These holders could now be forced to sell some #BTC to cut potential losses.
A surge in selling pressure pushing below $92,000 could spell trouble. Falling past this level opens the door to a steep drop, with little support until $74,000.
Therefore, the current market conditions, from a macro perspective, are reigniting fears of a potential crash.
From a technical perspective, TD Sequential presented a buy signal on the $BTC 4-hour chart, suggesting a potential rebound.
Meanwhile, traders on #Binance are leaning bullish on $BTC.
And there is a $35 million liquidation zone at $98,600 that market makers may try to grab!
If it falls below $92,000, a drop to the $78,000–$74,000 range could be on the horizon.
On the other hand, BTC must reclaim $100,000 to invalidate the bearish outlook and set its sights on new all-time highs.
In summary, in the short-term BTC looks like it could rebound to $98,600, but the macro suggests caution.
stay cautious of market moves‼️
