Cryptocurrency analytics firm MarktQuant recently released an analysis outlining critical levels in Bitcoin’s price trajectory that investors should keep a close eye on. The firm emphasized the $98,400 resistance level as crucial for bullish momentum, alongside potential support levels that could trigger significant market reactions. With Bitcoin currently trading at $97,500, breaking through this resistance level is essential for the cryptocurrency to resume its uptrend, according to MarktQuant.
Failure to break through the $98,400 resistance level could lead to a pullback and test support in the $90,000-$92,000 range, which MarktQuant believes will attract fresh buying interest. This range is also important for futures traders, particularly those using high leverage, who may place stop-loss orders in this area. If Bitcoin were to fall into this zone, the market could experience a drop of around 6.5%, potentially triggering significant liquidations and increasing volatility in the market.
MarktQuant’s analysis also highlighted significant liquidation clusters in the $94,000-$96,000 range, where leveraged positions, particularly long liquidations, are concentrated. These areas serve as magnets for market volatility as prices approach these thresholds. Understanding these levels and potential market reactions is essential for investors looking to navigate Bitcoin’s price movements and make informed decisions about their portfolios.
While MarktQuant’s analysis provides valuable insight into Bitcoin’s price trajectory and potential resistance and support levels, it is important to note that this information is not investment advice. Investors should conduct their own research and consider various factors before making any trading decisions. By staying informed and monitoring critical levels in Bitcoin’s price trajectory, investors can better position themselves to capitalize on market opportunities and manage risk effectively.
