Bitcoin (BTC) Price Correction Extends Below $100K, $12K Void Raises Concerns Into the past 24 hours, Bitcoin (BTC) has extended its correction below the $100,000 psychological level. At the time of writing, Bitcoin is struggling to hold above the $94,000

As it stands, Bitcoin's price outlook has taken a cautious turn, with crypto analyst Ali Martinez highlighting a $12,000 void between $87,000 and $75,000

Bitcoin has extended its correction below the psychological $100,000 level into the past 24 hours. At the time of writing, Bitcoin is struggling to hold above the $94,000 mark after recovering briefly from its recent crash to $91,000.

As it stands, Bitcoin’s price outlook has taken a cautious turn, with crypto analyst Ali Martinez highlighting a $12,000 void between $87,000 and $75,000. The analysis, which is based on the Bitcoin UTXO Realized Price Distribution (URPD) ATH-Partitioned, reveals a lack of significant support in this range and raises concerns over a quick crash towards $75,000.

Bitcoin Price Analysis: Key TakeawaysBitcoin’s UTXO Realized Price Distribution (URPD) ATH-Partitioned reveals a $12,000 void between $87,000 and $75,000.This range lacks substantial realized price activity, indicating a lack of support.If BTC were to Dip Below $87,000, this could quickly lead to a sharp correction towards $75,000.Bitcoin Derives Support From Key Price Levels, But What Happens If It Falls Below?Data from Bitcoin’s UTXO Realized Price Distribution (URPD) ATH-Partitioned metric shows that the range between $87,000 and $75,000 is notably lacking in realized price activity. For context, a UTXO is a relatively quiet but important technical indicator that provides insights into the distribution of Bitcoin across different price levels.

By analyzing UTXOs, we can gain a better understanding of the price levels at which Bitcoin holders are currently sitting on realized gains or losses. As it stands, the UTXO metric highlights a lack of activity in the mentioned range.

According to crypto analyst Ali Martinez, this lack of activity translates into a lack of support for Bitcoin in this zone. As a result, if BTC were to Dip Below $87,000, this could quickly lead to a sharp correction towards $75,000.

This偌arge gap in realized price activity, spanning from $87,000 to $75,000, is concerning because it suggests that there isn’t much realized price support to cushion Bitcoin’s fall if it were to enter this zone.

This, in turn, raises the possibility of a quick crash towards $75,000 if Bitcoin were to Dip Below $87,000. Such a scenario would undoubtedly test the bullish sentiment from investors and Bitcoin’s ability to sustain predictions of a long-term bullish trajectory.

Bitcoin Price Outlook: What To Expect NextAs it stands, the $12,000 void threat can be only valid if Bitcoin were to break below $87,000. Although Bitcoin has largely held up above $90,000 even during corrections since November, the recent drop to $91,000 opens up the possibility of an eventual drop below $90,000.

This concern is amplified by the Crypto Fear and Greed Index shifting to a neutral zone, accompanied by a surge in bearish sentiment across social media.

If Bitcoin were to break below $90,000, this could open up the possibility of a continued decline towards $87,000. This, in turn, would most likely lead to a swift drop to $75,000. This scenario would undoubtedly test the bullish sentiment from investors and Bitcoin’s ability to sustain predictions of a long-term bullish trajectory.

On the other hand, you could easily argue that the ongoing consolidation opens up the opportunity to accumulate more BTC. According to an analyst on CryptoQuant, the short-term SOPR indicator is currently below 1, which means many short-term investors are selling Bitcoin at a loss. However, history shows that this phenomenon often precedes a major upward trend, indicating that it might be a good time for accumulation.

At the time of writing, Bitcoin is trading at $94,350.