• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Bitcoin: Analysis of Impact on Key Support Levels

user avatar

by Giorgi Kostiuk

10 months 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

SARB Plans Comprehensive Crypto Regulation by 2026

chest

The South African Reserve Bank (SARB) plans to finalize a comprehensive regulatory framework for cryptocurrencies and stablecoins by 2026 to address risks in the current regulatory landscape.

user avatarRajesh Kumar

Lighter Launches as a Zero-Fee Ethereum Layer 2 DEX

chest

Lighter, a new decentralized exchange on Ethereum Layer 2, introduces a zero-fee trading structure aimed at retail users.

user avatarFilippo Romano

Partnerships and Collaborations Enhance Chainlink's Market Presence

chest

Chainlink's collaborations with industry leaders like SWIFT are enhancing its market presence and crosschain functionality.

user avatarTomas Novak

GeeFi Wallet Offers Security and Control for Crypto Users

chest

The GeeFi Wallet provides users with a secure, non-custodial solution for managing digital assets.

user avatarKaterina Papadopoulou

Senator Lummis Criticizes Ongoing Impact of Operation Choke Point

chest

Senator Cynthia Lummis has called for an end to practices stemming from Operation Choke Point to support digital finance in the U.S.

user avatarMaya Lundqvist

Aster Price Shows Bullish Signals Amid Speculation

chest

Aster's price is reflecting bullish signals amid market speculation, despite no official confirmation.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.