The cryptocurrency market is experiencing a notable downturn as Bitcoin's price has decreased significantly in the past 24 hours. This decline follows a false breakout of a critical support level, raising concerns among traders about potential further losses. According to the official information, many analysts are now predicting a challenging period ahead for the market.
Bitcoin Price Update
Bitcoin's price has dropped by $103 since yesterday, currently trading at $88,785. The recent movement comes after a false breakout of local support at $89,974, which has left traders on edge.
Market Sentiment and Predictions
If the daily bar closes near or below this support level, analysts predict a possible decline towards the $88,500 zone. This intensifies the bearish sentiment in the market.
Earlier today, Bitcoin enthusiasts saw a brief boost in price following a tweet from Michael Saylor, contrasting with the current downturn in the market. For more details, see read more.
