Bitcoin (BTC) Coinbase premium index reaches its highest level since Feb. 2024

The Coinbase premium index measures the price difference between Coinbase and Binance prices for BTC pairs, where a higher value signals US investors dictating stronger buying pressure.

Crypto traders are keeping a close eye on Bitcoin's (BTC) crucial support levels as the coin faces potential corrections from $90,000. A break below $73,000 could open the door for a steeper decline, traders say.

Bitcoin faces crucial support at $90,000

After a successful breakout above $85,000 resistance, turning the level into support further improves the possibility of a $90,000 retest. On the daily chart, Bitcoin price also bounced from the lower range of the Bollinger Bands (BB), with the metric’s moving average remaining above the $90,000 level.

The bullish narrative is invalidated if a daily candle closes below $85,000 before the end of the week.

The founder of MN Consultancy, Michael Van de Poppe, shared a bullish stance and said that he expects a continued run to retest $90,000 over the next few days.

However, the founder of BecauseBitcoin, Max, said BTC might have a "little more work to do." The analyst said the EMA cloud indicators continue suppressing BTC below the $88,000 and $90,000 range. Max added, "We’re still in the process of a new bull market and we might see a strong bounce if the price can break above the EMA cloud."

Similarly, crypto trader Koroush AK suggested traders remain cautious until a shift in market structure occurs. The trader noted that Bitcoin (BTC) prices are currently at a critical level below $90,000; the chance of a correction below $73,000 remains a threat.

"Either we get a decisive move above $90K or a clear break of the rising wedge and $73K to signal the next major trend. For now, it's no-man's-land," he said.

Bitcoin price today: BTC trades above $86K as bulls eye $90K

Bitcoin is trading hands at around $86,000 at the time of writing, up 5% over the last 24 hours. BTC prices hit a high of $87,000 at the beginning of the week, but faced strong resistance at the $90,000 mark.

A successful breakout above $90,000 could open the door for a continuation of the uptrend to the $100,000 level. However, a break below the $85,000 support could negate the bullish narrative and bring more downside pressure.

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The post Bitcoin faces crucial support at $90,000 as traders eye $73,000 for next move appeared first on Because Bitcoin.