Bitcoin's price approaches a critical turning point due to worsening social sentiment, which has reached its lowest level in 2024.
Negative Sentiment in the Bitcoin Market
Santiment platform reported a drop in the ratio of positive to negative comments about Bitcoin to 4:5. Experts view this as a potential point for price recovery, although Bitcoin is still trading above $95,000.
Technical Analysis: Sideways Price Movement
Analyst CrypNuevo observes that Bitcoin's price trend suggests sideways movement within a longer-term upward trend. The Fed confirmed plans for two rate cuts in 2025, stabilizing the market. The current critical support level stands at $85,000.
Recovery Scenarios and Price Targets
Market analysis points to two potential recovery paths for Bitcoin's price. One scenario involves support around $92,000 before a move above $100,000. The second calls for a complete retest of the $90,000 level, attracting strong buying interest.
The current Bitcoin market situation underscores the importance of monitoring sentiment and technical indicators to predict future price movements.
