The price of Bitcoin remains in bearish volatility, briefly revisiting the $95K support level today. Will this lead to a decline to $92K?
Amid the recent Bitcoin pullback, the crypto market experienced a massive liquidation surge, totaling $230.30 million. Long-position traders lost $180.89 million.
Will the BTC price remain trapped in a bearish spiral after facing rejection at $100K, or is a bullish reversal possible?
Bitcoin Price Analysis
With BTC’s price crashing below the $96,500 support level, the market cap has dropped to $1.9 trillion. After a 1.7% decline in the past 24 hours, the 30-day returns have fallen to 3.46%.
Notably, Bitcoin established a 24-hour low at $95,083 amid the crash. However, a 0.7% intraday recovery has lifted the current price to $96,339.
Short-term volatility has resulted in a consolidation range on the 1-hour chart, followed by a pullback. Interestingly, with a double-bottom reversal pattern within this range, the BTC price is aiming for a potential breakout.
The upper ceiling of this consolidation range is just above the 23.60% Fibonacci level at $96,279. Adding to the optimism, a morning star pattern has formed, setting the stage for a possible rebound to the 38.20% Fibonacci level at $98,571.
Increasing the chances of a bullish recovery, the MACD and signal lines have crossed positively. However, broader market conditions remain cautious, indicating a potentially slower weekend. Traders should keep this in mind.
Where’s BTC Price Headed?
As per the current situation, the price of Bitcoin is trapped in a consolidation move. After the quick pullback, this hints at a potential bearish continuation. Hence, price exchange traders could find selling opportunities if the BTC price closes under the bottom support level at $95,300.
If this happens, Bitcoin’s price could retest the $92,573 support level. Essentially, traders should prepare for heightened volatility in this scenario.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
