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Bitcoin Heading Towards Major Support: Here’s Why Holding $95,000 is Very Critical
The recent pullback of the cryptocurrency has caused concern among investors and analysts alike. Despite the price action suggesting a possible bottoming out, Bitcoin’s (BTC) current state raises critical questions about whether it will be able to regain its previous momentum.
A quick look at the recent chart reveals that the crypto asset is heading towards major support around $95,000. This area, in particular, has gained significant attention due to its historical significance and potential impact on the overall trend.
Firstly, let’s discuss why this level is so critical. Essentially, there are a plethora of liquidated positions as well as stop-loss orders that have been placed near this price range. If the asset were to hit $95,000, these would instantly be triggered, causing a massive sell-off.
To put it into perspective, nearly 822 BTC could be liquidated if the price does indeed reach this critical juncture. This has led many analysts to believe that there’s a possibility of another large correction should the asset not bounce back from here.
However, some experts suggest that the asset could potentially rebound and retest previous highs once this level is breached.
Source: coinpedia.org
