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A Critical Moment for Bitcoin
As you can see on the chart, Bitcoin is currently holding above several key support levels. However, there's a growing concern that these supports might not hold.
What Happens if the Supports Break?
If these supports, marked by the green zones on the chart, give way, we could see a significant price drop for Bitcoin. A breach below the $90,000 level would likely trigger a wave of stop-loss orders, leading to increased selling pressure and potentially a sharp decline in price.
More Pain Ahead?
Even if Bitcoin manages to hold these supports, we might experience another period of consolidation or even a fake-out rally before the next phase of the downtrend kicks in.
Important Note:
Remember, this is just one perspective on the current market situation. Always do your own research and trade responsibly.
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Please note: This analysis is for informational purposes only and does not constitute financial advice. Always do your own research before making any trading decisions.