As Bitcoin (BTC) continues to trade in the mid-term at $90,000, crypto analyst Ali Martinez warns that losing key support levels could put the highest cryptocurrency down to $83,444.
Bitcoin must maintain this support level to further rise
In X post published today, Martinez stressed that BTC must hold’The most critical‘Support level is $93,198. The inability to defend this price level could lead to a sharp drop in the price of digital assets, thus reducing it to $83,444.
Martinez also highlighted the decline in the number of wallets holding one or more BTC, which has dropped by 3,400 in the past two months. This trend suggests that many investors may make profits at current price levels rather than accumulate further.
Apart from the bearish outlook, Martinez shared another chart showing that Bitcoin Whale (which owns a massive collection wallet) has uninstalled nearly 50,000 BTC in the past ten days. This behavior is usually done before a short-term price correction or lateral merger.
Meanwhile, Bitcoin’s recent price action remains soft. According to another analysis by crypto trader Ash Crypto, BTC currently has two uninculcated Chicago Mercantile Exchange (CME) futures gaps – one has a rise between $96,440 and $97,680 and the other is between $91,360 and $91,360 and between $92,520.
Ash recommends that BTC fill the downward distance first, which is “very likely”. Once this happens, analysts believe Bitcoin may rebound strongly, possibly exceeding $100,000 later this month.
Analysts provide a more optimistic view, pointing out that BTC is currently in the Wyckoff accumulation stage. Experienced crypto analysts say:
Currently, BTC is at a very critical level of resistance, which means it can see some mergers. I think it’s very likely that BTC will retest the $92K-$92K level before the next field.
Everyone is following tomorrow’s FOMC meeting
Traders and investors will be watching closely the upcoming Federal Open Market Committee (FOMC) meeting. Despite the general belief that the U.S. Federal Reserve will keep interest rates stable, comments from Fed Chairman Jerome Powell could seriously affect risky assets like Bitcoin.
Despite technical indicators suggestion In the crypto market, some potential weaknesses, chain metrics show imminent signs Supply extrusionas exchange reserves continue to decline. At press time, Bitcoin was trading at $94,706, up 0.8% over the past 24 hours.
Featured images from Unsplash.com, charts from X and TradingView.com
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