Bitcoin must defend $91,600 to avoid falling to lower prices and keep its upward momentum alive.
Breaking this level could result in a bearish move, with the next major support around $86,800.
A strong bounce here may spark a rally, driving Bitcoin closer to its anticipated $130,000 price range.
As BTC/USDT trades at $93,287, the critical support level of $91,600 is under scrutiny, marking a decisive moment for the flagship cryptocurrency. Renowned analyst CryptoPatel highlights the importance of this level as Bitcoin's potential springboard to new heights between $120,000 and $130,000.
https://twitter.com/CryptoPatel/status/1877276004822950059
However, failure to hold could lead to a bearish breakdown, leading to volatility. Historically, BTC has bounced from this zone multiple times, suggesting strong accumulation activity. Will it stand firm or crack under the pressure?
Liquidity Games and Past Reactions
In the last 45 days, Bitcoin has tested this level on five occasions, each time witnessing a bounce marked by liquidity grabs. December’s run saw BTC surge over 10% following a retest, while similar reactions earlier confirmed this as buyer-dominated territory. However, weakly bullish reactions in recent retests suggest sellers gradually gain control.
Bitcoin's funding rates have turned neutral, suggesting reduced leverage activity among traders. Additionally, macro factors like slowing inflation and a weaker USD could favor BTC bulls. Yet, with the upcoming CPI release, any adverse outcome might break this crucial level. Data reveals that a break below $91,600 could see BTC drop swiftly toward $86,800, the next visible support.
Verdict: A Make-or-Break Moment
CryptoPatel’s insights emphasize the stakes at this level. If bulls hold firm, Bitcoin could enter its next parabolic phase. Conversely, bears breaching $91,600 may extend the correction, delaying any chance of a new all-time high in the short term. Brace for significant volatility, as history tells us that these zones rarely come without drama.
The post Bitcoin at $91,600: Will It Soar to $130K or Dive to New Lows? appeared first on Cryptonewsland.
