Bitcoin Price Crash To $96,000: How Low Will BTC Go Before The Bottom Is In?

The Bitcoin price movements in the past 24 hours have sent the entire crypto market into another state of disarray and liquidations. Particularly, Bitcoin has witnessed a price crash of about 5% in the past 24 hours, which has seen it breaking below the $100,000 psychological price threshold again. Although Bitcoin eventually seems to be finding support around $96,000, the leading cryptocurrency is nonetheless down by about 10% in the past three days.

Interestingly, a technical analyst on the TradingView platform suggested that the Bitcoin decline is due to a broader trend in the investment markets, while also pointing to a potential price bottom during the current decline.

Bitcoin Price Declining Between Support Zones In Fibonacci Retracement Levels

Bitcoin’s current price action aligns closely with the Fibonacci retracement levels often used by traders to determine support and resistance. According to the TradingView analysis, the Bitcoin price is now within a retracement zone in the 4-hour timeframe between the 0.618 and 0.786 retracement levels from its recent all-time high of 108,135 which it achieved just three days ago.

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Historically, this range has acted as a strong support zone where Bitcoin has demonstrated a tendency to bounce back. The analyst highlights that Bitcoin’s love of bouncing up at the 0.786 level suggests the cryptocurrency might find a temporary bottom near this range, which is situated just below the $95,000 price level.

As stated earlier, the Bitcoin price found support at $96,000, but Fibonacci retracements suggest it could further continue on the downside. The analyst suggested it could go down to around $93,800 as an overshoot. Any move lower, however, could risk a more significant collapse.