Bitcoin tests support! After losing the $95,000 mark, the market focus shifts to the next target!
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Recently, the price of Bitcoin (BTC) has failed to break through the previous high of $100,000, and bearish sentiment continues to dominate the market. Currently, after dropping below $95,000, Bitcoin is re-testing the support line of the ascending channel, which could become a key point for a price rebound.
Re-testing the support line may bring a rise opportunity
Cryptocurrency analyst Tardigrade pointed out that Bitcoin experienced a "false breakout" in the ascending channel, briefly falling below the lower support line before quickly bouncing back. According to the analyst's view:
False breakout phenomenon: Bitcoin fell below $95,000 but did not continue the downward trend, instead returning to the channel support line, indicating that there is still bullish potential in the market.
Current support test: Bitcoin is trying to stabilize above the channel support line, and if it can successfully hold this key level, it may push the price to rebound towards the upper resistance line of the channel.
Potential target: Breakthrough to $110,000
According to Tardigrade's analysis, if Bitcoin holds the support line and maintains an upward trend, the next bullish target will be the upper resistance line of the ascending channel, with a price range expected between $110,000 and $112,000. Further breaking through this resistance line may validate the market's strong bullish momentum and lay the foundation for future challenges to historical highs.
Downside risk: Support failure or drop to $87,000
Another analyst, Titan, warns that due to the current market volatility, if Bitcoin fails to hold the support line, it may further drop to the next key support level of $87,000. With the market sentiment being variable, investors need to closely monitor price trends.
Although Bitcoin is currently under pressure, re-testing the support line may become the starting point for a market reversal. Investors should pay attention to the breakthrough or breakdown of key levels to assess the future trend direction.
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