In early February, Bitcoin experienced significant price fluctuations. Experts point to critical support and resistance levels that could determine the cryptocurrency's immediate future.
Bitcoin's Decline in Early February
In the first days of February, Bitcoin lost over 5.62% of its value, raising concerns among market participants. Despite some recovery, the cryptocurrency's weekly rate declined by 1.9%. Expert Ali Martinez warns that a drop below $92,110 could lead to further decreases towards $70,000.
Critical Resistance: Will $97,530 Pave the Way?
Since early February, Bitcoin’s price has oscillated between $97,896 and $95,791. Ali Martinez has identified the key resistance at $97,530. Overcoming this level could initiate a significant price surge. However, failure to break through may result in increased selling pressure.
Last Line of Defense: $92,110
In January, Bitcoin recorded a lowest closing price of $92,569, with a brief dip to $91,238 on February 3. The $92,110 support level is deemed critical. Falling below this point could lead to significant selling pressure, potentially dropping the price below $90,000 and even to $70,000.
The Bitcoin market remains tense, with critical price levels poised to play a decisive role in the near term. Regardless of future direction, monitoring these support and resistance points remains crucial for traders amid current uncertainties.
