The crypto market is displaying high volatility following President Donald Trump's recent announcement. Bitcoin saw a sharp decline, causing concern among investors.
Egrag Crypto Analysis and Current Dynamics
Amid increasing market instability, Bitcoin lost nearly 10%, dropping to $83K following the announcement of the US's intention to establish strategic crypto reserves. Noted analyst Egrag Crypto warns of a possible further decline to $73K by April 1.
Key Support Levels
Egrag Crypto highlights a bearish trend that could lead to further declines. After breaking the $90K level, Bitcoin might fall to $80.5K before reaching the critical $73K level. This point, associated with the blue channel, is crucial for determining future trends.
Short-Term Prospects and Opportunities
Despite negative signals, some indicators suggest the possibility of recovery. The Relative Strength Index (RSI) indicates nearing oversold levels, which may signal a potential rebound. Historically, Bitcoin has often experienced temporary pullbacks before continuing its upward trend. The $73K level might become the final accumulation phase before another surge.
In the short term, Bitcoin could continue to fluctuate, but if it stays above the blue channel, it might mark the beginning of a new growth phase.
