In February, Bitcoin experienced a significant decline, losing over 5.62% of its value. Analysts highlight important resistance and support levels.
Sharp Decline in February
In the first days of February, Bitcoin lost over 5.62% of its value from February 1-5. Currently, after a price correction, Bitcoin has not fully recovered its previous losses, showing a 1.9% decrease in the past week. Analyst Ali Martinez warns that if Bitcoin falls below $92,110, it could decline further to $70,000. As of now, Bitcoin is priced at $96,037.
Strong Resistance at $97,530
At the beginning of February, the Bitcoin market witnessed a rapid drop, with prices retreating from $101,333 to $96,607 between February 4-5. Since February 6, Bitcoin has been trapped within the range of $97,896 and $95,791. According to technical analyst Ali Martinez, a strong resistance level exists at $97,530. Breaking through this level could lead to a bullish momentum in the market. If Bitcoin can decisively surpass $97,530, it may trigger a strong buying wave that could elevate prices further. Conversely, failure to breach this resistance could intensify selling pressure and maintain the risk of a downturn.
Critical Support Level of $92,110
In January, Bitcoin hit its lowest closing price of the year at $92,569. On February 3, it briefly fell to $91,238. Martinez identifies $92,110 as a weak support level; should Bitcoin drop below this, it could face significant selling pressure in the market. Furthermore, there is a significant price gap below $90,000, which could quickly drive Bitcoin down to $70,000. Earlier this year, on January 13, Bitcoin briefly dropped to $89,305, but buyers quickly intervened, pushing the price back to $94,545.
Current price fluctuations in the Bitcoin market demonstrate active volatility, and key resistance and support levels can determine the future price trajectory. Investors should closely monitor these levels to make informed decisions.
