Bitcoin challenges the $94,000 level: Bitcoin hovers near the $94,000 to $93,000 support range, worrying traders over whether prices will recover or continue to fall. Currently around $95,702, this range corresponds to significant Fibonacci retracement levels, notably between the 0.618 and 0.786 marks.
Crucial price levels: Holding the support area may lead to a strong bullish recovery. However, if Bitcoin drops below $93,000, selling pressure might drive the price below $90,000. This is a critical point for the short-term trend, increasing market activity.
Bullish trend prediction: If the support level holds, Bitcoin’s price may surge to $100,000 or $105,000. The “V-shaped” recovery model suggests strong upward movement, boosting trader confidence, especially near the significant $100,000 landmark.
Risk if support breaks: If the $94,000 support does not hold, analysts warn that the bullish trend may no longer be viable. This could trigger more selling activity, increasing market volatility in the short term.
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