Bitcoin price action has since November 2024 been oscillating between $90,000 and $108,000. The $90,000 level has been a critical support zone. It has consistently been preventing deeper declines throughout this period.
Bitcoin (BTC) price action has been largely bullish in 2024, with the cryptocurrency rising from around $40,000 at the beginning of the year to highs of over $108,000 in November. However, BTC has faced some resistance at this level, and a recent attempt to break out failed. Now, Bitcoin is trading back within the range and appears to be testing a crucial support level.
input: Bitcoin fiyatı 2024 yılında büyük ölçüde yükseldi ve yılın başında yaklaşık 40.000 dolardan kasım ayında 108.000 doların üzerine çıktı. Ancak BTC bu seviyede bir miktar dirençle karşılaştı ve son zamanlarda yapılan bir kırılma girişimi başarısız oldu. Şu anda Bitcoin tekrar aralık içinde işlem görüyor ve çok önemli bir destek seviyesini test ediyor gibi görünüyor.
output: Bitcoin (BTC) price action has been largely bullish in 2024, with the cryptocurrency rising from around $40,000 at the beginning of the year to highs of over $108,000 in November. However, BTC has faced some resistance at this level, and a recent attempt to break out failed. Now, Bitcoin is trading back within the range and appears to be testing a crucial support level.
Crucial Support Level Could Send Bitcoin Price to $73,000
Bitcoin price action has since November been oscillating between $90,000 and $108,000. The $90,000 level has been a critical support zone. It has consistently been preventing deeper declines throughout this period.
However, with Bitcoin currently trading at $95,879, the market appears close to testing this crucial support level once again. The daily chart shows that a potential failure to hold above $90,000 could trigger a deeper sell-off.
Based on technical analysis, such a breakdown could see Bitcoin price dropping toward the next potential support around $73,000, as shown by prior support levels. This bearish scenario is further supported if the Relative Strength Index (RSI) remains in bear territory.
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