Bitcoin recently saw a 1% increase, reaching $83,165, but experts highlight critical levels that could influence future price movements.
Critical Support Levels and Historical Indicators
Experts emphasize the risk of Bitcoin staying below its 50-week moving average. In past periods (2014, 2018, 2020, 2022), this led to price drops to the 200-week moving average, around $46,000. Analyst Ali Martinez notes that it could drop to this critical level again.
Resistance Zone and Upside Potential
Bitcoin's key resistance level is identified at $95,000, where 1.2 million investors hold 726,000 BTC. Overcoming this region poses a significant challenge due to intense selling pressure, but success could unlock paths to new records.
Impact of Macroeconomic Factors
Market participants are optimistic about the effects of a slowing U.S. Consumer Price Index and easing tensions between Russia and Ukraine. Some forecasts suggest these factors could propel Bitcoin to $118,000. Additionally, the rise in open futures market positions supports bullish expectations.
Bitcoin's future remains uncertain as it teeters between critical support levels and potential new highs amidst a changing macroeconomic landscape.
