After several weeks of gains, Bitcoin's price dropped by 15%, leading to significant Fear, Uncertainty, and Doubt (FUD) in the market, which might favor contrarians expecting the reverse trend.
Current Market Situation
Just six days ago, Bitcoin soared past $100,000, reaching an all-time high of over $108,000. However, this scenario changed after comments from Fed Chair Jerome Powell concerning fewer rate cuts in 2025, causing the price to dip to $92,000.
Potential Buy Signals
Crypto analyst Ali Martinez highlighted a potential 'buy signal' following the correction, identifying an important support zone between $97,041 and $93,806 that could lead to another price surge. If broken, BTC might fall to around $70,000.
Key Support Zones
Bitcoin's key support zone lies between $97,041 and $93,806. If this support fails, the price could sharply fall to $70,085 due to little support below.
Despite the current dip, analysts believe it might be beneficial for long-term investors considering the potential for opposing trends.
