Bitcoin recently surpassed $73,835, signaling a potential new bullish phase. However, recent weeks have seen a drop of over 15% as it approaches this critical level again.
Bitcoin Approaches $73,835 Again
After reaching the historic level of $73,835 in November, Bitcoin faced pressure, losing over 15% of its value. This level might act as a critical support. If sustained, it paves the way for recovery.
Technical Analysis and Support
In financial markets, once significant resistance levels are breached, prices often retest these levels. Bitcoin may retest the $73,835 level it broke in November 2024.
Potential Price Movements
If market participants begin buying at the $73,835 level, it could trigger a new upward move. Without such support, the price might fall deeper. Similar movements have been observed in traditional markets.
Sustaining above $73,835 could push Bitcoin's price towards $100,000 and beyond. However, a break below this support increases the risk of a return to a bearish market.
