$BTC Price Analysis: Testing Key Support Levels
Current Price: $94,841.46 (-6.82%)
Bitcoin ($BTC) has dropped to $94,841.46 after reaching a high of $102,800 in the last 24 hours. This decline reflects continued selling pressure, with the price slipping to a low of $94,682.
Key Levels to Watch:
Support: $93,440 (a breakdown could push $BTC toward $91,000).
Resistance: $98,650 (reclaiming this level is crucial for bullish momentum).
Trade Strategy:
Entry Point: Consider entering around $94,893 for a potential rebound.
Targets:
1. $98,650 (short-term recovery)
2. $102,000 (major resistance level).
Risk Management:
Stop-loss: Set at $93,400 to minimize downside risk.
Market Insight:
The sharp decline in $BTC signals a bearish trend, but a short-term bounce near key support levels could be possible if significant volume accompanies the move. Watch for signs of a reversal before entering any aggressive positions.
