$BTC Currently, Bitcoin (BTC) is experiencing a decline after reaching a record high near $108,000. The decline was triggered by the Federal Reserve's hawkish stance which raised investor concerns about risky assets.
Technically, Bitcoin has broken through the important support level at $98,750, which opens up the potential for further declines towards $95,000 and $92,800. If the $92,800 level does not hold, the price could drop to $88,000 or even $83,000. However, if Bitcoin is able to hold in the range of $92,800 to $95,500, there is a chance for a rebound. To reverse the downtrend, Bitcoin needs to return above $98,750 and break through $100,000.
Despite the decline, some analysts remain optimistic about Bitcoin's long-term prospects, with price targets ranging from $125,000 to $1.2 million based on historical analysis.
It is important to note that such dips are common in bull markets and can be considered a healthy correction before resuming the uptrend. Investors are advised to monitor key support and resistance levels as well as monetary policy developments that may affect the crypto market.
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