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Highlights
- Bitcoin price may face a potential pullback to $89k-$90k, says analyst.
- Swissblock identifies a critical resistance zone at $94k-$95k.
- Ali Martinez notes that BTC's previous strong support level of $94k has flipped into a resistance level.
The Bitcoin price experienced a minor pullback after a significant bullish rebound yesterday. While Bitcoin is currently trading around the $92K level, analysts have identified the $94k-$95k zone as a crucial resistance area for BTC to further surge.
Let’s analyze whether BTC would break past the resistance zone or pull back to another low.
Can Bitcoin price plunge to $89k?
Analysts like Swissblock have predicted the Bitcoin price’s possible pullback to the $89k-$90k level, identifying a critical resistance at $94-$95. According to the analyst, the “next logical move” of Bitcoin is likely to be a pullback to gain momentum for a potential rise. As estimated by the analyst, this temporary correction could allow buyers to regroup and build up enough strength to push the price higher.
If a price correction occurs, the $89k-$90k range could act as a potential support zone. He also identifies that the $83,000-$85,000 range acts as a last resort support level. Considering the overarching strength of BTC, the analyst identifies these dips as buying opportunities.
As of press time, Bitcoin is valued at $92,800, down 0.6% in a day. This dip follows Bitcoin’s significant surge yesterday, where BTC rocketed from a mere $87k to nearly $95k. Over the past week and month, the Bitcoin price has seen notable upticks of 9.5% and 5.7%. Many factors, including Paul Atkins’ SEC Chair inauguration and ETF inflows, have contributed to the positive sentiment.
Bitcoin Flips Resistance into Support: Is It a Good Sign?
Significantly, crypto analyst Belle identified an unusual pattern in the Bitcoin price where the token’s previous resistance point of $92k flipped into a support level. As buyers are actively supporting the price at this new support level, it indicates strong demand, which in turn could push the price upward.
Meanwhile, crypto expert Ali Martinez noted that BTC’s previous strong support level of $94k has flipped and is now acting as a resistance level.
Considering both analyses, Bitcoin is experiencing a shift in market dynamics. The flipping of support and resistance levels indicates a potential change in market sentiment.
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