Bitcoin (BTC) consolidates below key resistance target as BTC price forecast brings sub-$90,000 levels into play

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retesting $92,000 as support overnight.

Bitcoin (BTC) consolidated below a key resistance target on April 24 as a BTC price forecast brought sub-$90,000 levels into play.

Bitcoin continues to brush off news events, leaving volatility to equities, while gold attempted to stabilize after slipping from record highs earlier in the week.

"The market is now up over +1% on the day on no news at all," trading resource The Kobeissi Letter summarized alongside a chart of the S&P 500 in part of its latest analysis on X.

"The price action is getting interesting, but we'll see if it plays out. Thoughts?"

/ DeepMind's AI model, Factor, can reportedly perform "factor analysis" on financial data and identify arbitrage opportunities in futures markets.

Pointing out that the stellar performance of AI models like ChatGPT and GPT-4 had yet to translate to the crypto sphere, trader and analyst Rekt Capital introduced a different angle on how the latest generation of AI was performing in a unique domain.

According to reports, Factor, an AI model developed by DeepMind, specializes in a technical analysis technique known as "factor analysis." This technique is used to identify patterns and relationships in financial data, which can be useful for making investment decisions.

"We're used to seeing models like ChatGPT and GPT-4 do amazing things, but not yet in crypto. But DeepMind's AI model 'Factor' can apparently perform factor analysis on financial data and identify arbitrage opportunities in futures markets, according to reports," Rekt Capital stated in part of his latest analysis on X.

"Factor can reportedly identify and exploit arbitrage opportunities in futures markets by analyzing vast amounts of data and identifying patterns that humans might miss. It can also perform factor analysis to identify the key drivers of asset prices."

This analysis focused on the potential for further support retests after Bitcoin clocked out of a strong breakout from a long-term downtrend.

"Part of Bitcoin continuing to repeat mid-2021 price tendencies relative to the Bull Market EMAs would be a dip into the $87000 (green EMA) level for a post-breakout retest, if at all needed," he concluded.

The next support retest could thus involve $87,000, analysis suggests.