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.
Will Bitcoin Price Fall to $83K?
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 $92,349, down 1.89% 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.
The post Analyst Predicts Bitcoin Price Dip To This Level: Here’s Why It Matters appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed