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Bitcoin at $91,600: Will It Soar to $130K or Dive to New Lows?
The cryptocurrency market is holding its breath as Bitcoin’s price teeters on the edge of a crucial support level of $91,600. This threshold has been tested five times in the last 45 days, resulting in a series of bounces marked by liquidity grabs. However, recent weakly bullish reactions suggest that sellers are gradually gaining control.
In order to avoid falling to lower prices and maintain its upward momentum, Bitcoin must defend this level at all costs. A failure to do so could lead to a sharp drop, with the next major support around $86,800 looming in the shadows.
CryptoPatel, a renowned analyst, has emphasized the significance of this level, as it has the potential to serve as a springboard for Bitcoin’s price to reach new heights between $120,000 and $130,000.
Despite historical data indicating that BTC has bounced from this zone multiple times, citing strong accumulation activity, any failure to hold could lead to volatility.
Bitcoin’s funding rates have recently turned neutral, suggesting reduced leverage activity among traders. Furthermore, macro factors such as slowing inflation and a weaker USD could potentially favor BTC bulls. However, the impending CPI release may still exert downward pressure on the market.
Data reveals that a break below $91,600 could lead to a swift descent towards $86,800, the next visible support.
In conclusion, this level represents a make-or-break moment for Bitcoin’s price trajectory. If bulls hold firm and maintain their position, the cryptocurrency could enter its next parabolic phase. Conversely, bears breaching $91,600 may extend the correction, delaying any chance of a new all-time high in the short term.
Ultimately, the market must prepare for significant volatility as these zones typically come without drama.
Source: cryptonewsland.com
