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Bitcoin’s flirting with danger! After a swift 5% drop from its peak, the bulls are battling to hold a key support level below $90,000. Crypto strategists are on high alert: Either Bitcoin stages a dramatic comebacknow, or brace for a potential plunge back to the depths of last November. The clock is ticking.
Bitcoin Retests $88,000 After Rejection
Bitcoin’s Bull Run Stumbles: After briefly reclaiming the coveted $90,000 throne, Bitcoin faltered on Friday, tumbling back towards a critical support zone. The king of crypto is battling to claw its way back from a brutal November correction that plunged it to a chilling seven-month low of $80,600. Is this just a stumble, or a sign of deeper cracks in the foundation?
After bottoming out a fortnight ago, the cryptocurrency has been coiling like a spring, trapped between $82,000 and $93,500. Wednesday saw a surge of bullish energy, briefly piercing the ceiling to a multi-week high of $94,150, but can it sustain the breakout?
December’s opening promise for Bitcoin crumbled as the first week waned. Slipping beneath its monthly starting line, BTC surrendered key ground, plummeting back to the $88,000 safety net.
Bitcoin teeters! Analyst Ted Pillows sees a potential dip before a surge, pinpointing $94,000 as the elusive resistance. Pillows warns, “Price wants to go lower here before another breakout attempt.” Keep eyes peeled for a possible rebound from the $88,000-$89,000 safety net. Will it hold, or will Bitcoin plunge deeper before its next climb?
Altcoin Sherpa’s analysis hangs in the balance: is this bounce a fleeting illusion, destined to sink lower, or does it signal a surge towards the coveted $100k mark? The current retest will reveal the truth, separating false hope from genuine bullish momentum.
The crystal ball reveals two paths for the leading crypto. First, a dip into the $87,000-$89,000 zone, setting the stage for a powerful rebound. Next stop: shattering the $93,000-$94,000 resistance ceiling.
Scenario two paints a grim picture: Bitcoin, trapped beneath its current ceiling, could embark on a downward spiral, revisiting November’s lows and potentially plunging even further. The clock is ticking – Bitcoin needs to find a solid floor fast, or risk this bearish prediction becoming reality.
BTC Shows Shallowing Pullback Tendency
Bitcoin’s rally hits a snag, stalling at a key resistance level, according to Rekt Capital. While this might seem like a setback, he advises investors to hold their nerve, emphasizing that only a significant retracement – deeper than previous dips – should trigger alarm bells.
“Each failed attempt to break through this resistance is like chipping away at a dam,” the analyst stated. “The cracks are widening. As long as this erosion continues, Bitcoin is poised to finally shatter through and challenge the downtrend that’s been holding it back for weeks.”
Bitcoin’s holding its breath. A prominent analyst believes BTC’s current sideways shuffle continues, provided it ends the week above its established floor. But a looming Macro Downtrend, the same force that’s slammed the brakes on every rally so far, remains the ultimate challenge. This downtrend is the key – shatter it, and the cycle shifts.
Having found its footing between $88,500 and $89,350, the price action hints at underlying strength. One analyst noted today’s dip is “a mere tap compared to the prior two dives,” reinforcing a pattern of increasingly timid retreats before the next surge.
Bitcoin’s price dance is far from over. Even a dip to the two-week support line – or a brush with $86,000 – wouldn’t necessarily signal a major shift. In fact, such a move could still result in a less severe correction than the market just experienced.
As of this writing, Bitcoin is trading at $89,400, a 2.9% decline in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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