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Bitcoin’s ominous descent below a crucial support level has veteran market watchers sounding the alarm, suggesting the king of crypto may have just stumbled into a bear’s den.
Bitcoin’s next price target might be $81,250, a figure whispered by a historical trendline. Crypto analyst Ali Martinez highlighted on X that Bitcoin’s 730-day Simple Moving Average – a two-year SMA that has signaled bear market beginnings – currently hovers around this level. Is this a ceiling or just a pit stop on the way to new heights?
Bitcoin just breached a critical threshold. Historically, such a fall has signaled prolonged bear markets or, at best, lackluster sideways trading. Buckle up.
Imagine Bitcoin as a rocket ship charting an unknown course through the cosmos. Seasoned navigators rely on a “galactic guide” – a 730-day Simple Moving Average, multiplied fivefold, plotted against Bitcoin’s historical flight path. History reveals a crucial pattern: breaching the lower boundary of this guide often coincides with the rocket’s peak altitude, signaling a shift in cosmic winds, pushing even the most daring adventurers to batten down the hatches and brace for turbulence.
Bitcoin teeters: Mid-$80,000s couldn’t hold, flashing a warning sign that its epic climb might be losing steam. Is this the peak before the plunge?
Bulls beware: the two-year Simple Moving Average (SMA), a long-revered fortress of support, has fallen. Historically, breaching this line signals more than just a dip – it foreshadows a potential bear market hibernation. While not a death knell, this crack in the armor, coupled with skittish market sentiment and dwindling liquidity, suggests we might be entering a drawn-out chill. Buckle up; the easy money might be gone for a while.
Bitcoin key price levels to watch
Bitcoin’s $85,000 recovery bid hangs in the balance after a week of intense selling pressure. Crypto analyst Ted Pillows warned on X that failing to conquer this key resistance could trigger a sharp reversal, potentially dragging Bitcoin back to the $80,000 mark. Is this a temporary setback, or the start of a deeper correction?
After a brutal multi-week Bitcoin bloodbath, all eyes are glued to the $85,000–$86,000 line in the sand. Once a fortress of demand, this zone is now under siege, retested from below. Can it hold, or will the bears break through after Bitcoin’s dizzying plunge from heights above $100,000? The market hangs in the balance.
If Bitcoin can claw its way back above this crucial threshold, brace yourself for a potential slingshot. Targets are locking in around $89K, $92K, and even $95K – levels that stubbornly held the line all year before November’s seismic shift. Could this be Bitcoin’s phoenix moment?
The bulls are walking a tightrope. Failure to hold the $85,000-$86,000 line plunges the market into a precarious position. Watch for a safety net just above $80,000, but a break below that could trigger a rapid descent into the $78,000-$79,000 danger zone, marked in green – a level where buyers desperately need to regroup.
Bitcoin’s bull run took a breather, currently priced at $84,239. The king of crypto dipped a modest 0.3% in the last day. Zooming out, however, reveals a steeper drop – over 11% shed this week.
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