Cryptocurrency markets are trading lower despite bullish catalysts, including rising institutional investment and Texas' Strategic Bitcoin Reserve proposal.
Cryptocurrency markets observed a downturn on December 13 despite several bullish catalysts, including increasing institutional investment and the proposal for Texas' Strategic Bitcoin Reserve.
Bitcoin dropped below the $95,000 level, prompting a warning from one trader that a further decline to $80,000 would be devastating for altcoins. However, the trader remained optimistic, anticipating a strong rebound.
A crucial supply wall of 1.88 million BTC was noted at $97,000, while support at $94,500 was backed by 695,000 BTC. This imbalance could influence Bitcoin's next move.
Despite the broader market weakness, Bitcoin's resilience caught the attention of DonAlt, a crypto trader who expressed confidence in the crypto king.
Based on daily RSI, one trader anticipated a drop to $89,000 for Bitcoin's first support test, although it could be front-run at $91,000.
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