Bitcoin: Analysis of Impact on Key Support Levels

by Giorgi Kostiuk

a year ago

A cryptocurrency analyst warned of a possible sharp decline in Bitcoin's price if a key support level is lost.

Bitcoin's Support Level

The analyst, known as Altcoin Sherpa, highlighted that Bitcoin's value could drop if it loses support at the $90,000 level, potentially leading to a decline to around $80,000. Decisions related to Bitcoin seized from the Silk Road market by the U.S. government could continue to negatively influence the cryptocurrency market.

Fartcoin Analysis

Sherpa further analyzed that the Solana-based memecoin, Fartcoin, could decline over 28% from its current value based on Fibonacci retracement levels. FARTCOIN's market structure remains in a downtrend.

Warnings and Recommendations

Sherpa advised caution, noting that if Bitcoin falls below its support level, it could negatively affect the broader market. Given the volatile nature of cryptocurrencies, breaking support levels could lead to swift market fluctuations.

BTC: Perhaps we will see an endless Time Weighted Average Price (TWAP) sell-off until these foolish government sales cease. If we lose the $90,000 level, it could worsen. We hope to absorb this situation but are not very certain. In some scenarios, dropping below $80,000 wouldn’t surprise us.Altcoin Sherpa

The future of Bitcoin remains uncertain, and market participants should remain vigilant to the shifting support conditions that can impact the entire crypto market.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Strategylinked Tickers Gain Attention as Bitcoin Holds Steady

Jeff Walton highlights potential for STRC to hover near par as Bitcoin maintains its price range.

Nguyen Van Long8 hours ago

Ondo Finance Obtains Regulatory Clearances in the US and EU.

Ondo Finance has secured regulatory approvals to operate tokenized securities markets in the US and EU.

Aisha Farooq16 hours ago

Ondo Finance Introduces Ondo Chain and Establishes Significant Partnerships.

In 2025, Ondo Finance launched its new blockchain network, Ondo Chain, while securing regulatory approvals in both the United States and the European Union, forming significant partnerships with major financial institutions.

Luis Flores16 hours ago

Ondo Finance finalizes cross-chain deal with JP Morgan.

Ondo Finance, in collaboration with Chainlink and JP Morgan, completed a cross-chain Delivery versus Payment transaction on Ondo Chain, marking JP Morgan's first settled deal on a public blockchain.