The beginning of February was marked by a significant drop in the Bitcoin market. Fluctuations are expected to continue depending on key resistance and support levels.
Bitcoin's Key Resistance and Support Levels
Between February 4 and 5, the Bitcoin market sharply declined from $101,333.27 to $96,607.94. Since February 6, the market has been fluctuating within the range of $97,896.66 and $95,791.74. Ali Martinez notes that there is strong resistance at the $97,530 level.
Weak Support Below $92,110
On January 9, Bitcoin touched its lowest yearly closing price at $92,569.92. At a point on February 3, the market slipped to $91,238.24. The analyst notes weak support around $92,110.
Dangerous Price Gap Between $90K and $70K
Importantly, there exists a significant price gap between $90,000 and $70,000. If Bitcoin falls below the $90,000 range, it could swiftly drop to $70,000.
Bitcoin's current price levels are critical. A break above $97,530 could lead to strong gains, but falling below $92,110 may cause a sharp drop. The gap between $90,000 and $70,000 adds further risk.
