As Bitcoin (BTC) continues to trade in the range of mid -90,000, the aforementioned cryptographic analyst Ali MartÃnez has warned that losing a critical support level could send the main cryptocurrencies at $ 83,444.
Bitcoin must maintain this support level for more rise
In an X post published today, MartÃnez stressed that BTC must maintain the ‘The most critical‘Support level at $ 93,198. Not defending this price level can lead to a strong decrease in the price of digital asset, which potentially sends it to $ 83,444.
MartÃnez also highlighted a worrying fall in the number of wallets holding one or more BTC, which has fallen by 3,400 in the last two months. This trend suggests that many investors may be taking profits at current price levels, instead of accumulating more.
In addition to the bearish perspective, MartÃnez shared another table that shows that Bitcoin whales, wallets with large holdings, have downloaded almost 50,000 BTC in the last ten days. Such behavior often precedes the short -term price corrections or a period of lateral consolidation.
Meanwhile, Bitcoin’s recent price action is still undecided. According to a separate analysis of Crypto Trader Ash Crypto, BTC currently has two Chicago Commercial Exchange Futures (CME) without filling: one between $ 96,440 and $ 97,680 on the rise side, and another between $ 91,360 and $ 92,520 at the disadvantage.
Ash suggested that it is “very likely” that BTC moves lower to fill the vacuum down first. Once that happens, the analyst believes that Bitcoin could recover strongly, potentially exceeding the $ 100,000 brand at the end of this month.
By offering a more optimistic perspective, analyst TED said BTC is currently in the Wyckoff accumulation phase. The experienced encryption analyst declared:
Currently, BTC is at a very crucial resistance level, which means that it could see some consolidation. I think it is very likely that BTC reaches the level of $ 92K- $ 92K before the next advantage.
All eyes at the Morning Fomc meeting
The merchants and investors will closely observe the next meeting of the Federal Open Market Committee (FOMC). While it is widely expected that the United States Federal Reserve (FED) maintains stable interest rates, the comments of the president of the FED, Jerome Powell, could significantly affect risk assets such as Bitcoin.
Despite the technical indicators suggestion Some underlying weakness in the cryptographic market, chain metrics show signs of an advance supply squeezeAs exchange reserves continue to decrease. At the time of publication, Bitcoin is quoted at $ 94,706, 0.8% more in the last 24 hours.
Prominent image of Unspash.com, X and TrainingView.com graphics
Editorial process For Bitcoinist, he focuses on the delivery of content completely investigated, precise and impartial. We maintain strict supply standards, and each page undergoes a diligent review of our technology experts and experienced editors. This process guarantees the integrity, relevance and value of our content for our readers.
