Bitcoin price took a 4% dive during Thursday’s U.S. market session, currently standing at $95,400. This suggests renewed selling pressure in the crypto market and the potential continuation of the correction trend. Analysts are predicting a possible downfall to $70,000 as the coin price has yet to find a stable bottom support for a reversal. The BTC market cap is at $1.89 trillion and the 24-hour trading volume is $44.7 billion, according to CoinGecko data.
Crypto analysts are signaling a bearish momentum for Bitcoin, with predictions of a prolonged correction to $70,000 levels. The current correction could find support at $85,800 and $79,000 levels. Despite this, the coin price trading above the 50% Fibonacci retracement level suggests that buyers remain dominant players in the market. Veteran trader Peter Brandt highlights the formation of a broadening triangle pattern in BTC’s daily bar chart, indicating increasing uncertainty and a potential bearish breakdown towards $70,000.
Renowned trader Tone Vays believes that Bitcoin trading below $95,000 is concerning and increases the likelihood of a correction to $73,000. Analyst Ali Martinez points out key support levels for BTC at $97,041 and $93,806. If the price breaks below these levels, the UTXO Realized Price Distribution chart shows the next major support at $70,085. Over 33,000 BTC, worth approximately $3.2 billion, has been sent to exchanges since last week, indicating potential selling that could further accelerate bearish momentum.
In the last two weeks, Bitcoin price has dropped from $108,365 to $95,111, resulting in a 12.3% loss. The correction trend has broken below the support of the rising channel pattern, providing sellers with firm resistance to drive further downward movement. Today’s 4% drop suggests that the asset is struggling below $100k, potentially leading to a prolonged correction to $85,800 and $79,000. However, these levels coincide with the 38.2% and 50% FIB, indicating that the broader market trend is still bullish and buyers could reestablish bullish momentum.
Overall, the Bitcoin market is currently facing a bearish sentiment with analysts predicting a potential downfall to $70,000. Key support levels are being closely watched, with the broader market trend still leaning towards bullish territory despite recent price drops. Traders and investors need to closely monitor these developments and be prepared for further volatility in the crypto market.
