Bitcoin News: BTC Price to Circle Back to $93K Soon, Find Out Why and How

Bitcoin (BTC) price action has surely rocked not just crypto bros but the entire world by now. BTC price has been making high tides with its recent all-time-high of over $109,000.

As all look towards gains, few think about the next moves and cutting losses. Bitcoin news cycle sure has turned positive amid the renewed bullishness.

For now, bullishness abounds amid the TRUMP memecoin madness, as well as Donald Trump’s inauguration as the 47th President.

The current market fueled by macro-economic bullishness looks shiny but green candles on price charts sure aren’t permanent.

A few factors in the market are pointing towards a fall to lower price levels for Bitcoin price soon even though Bitcoin news cycle suggests further pump.

Odds of a BTC Price Fallback to $93K?

BTC price has already reached nearly $108,000 and is near its recent all-time high.

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Several factors indicate that the cryptocurrency is in a good place to hit a new all-time high (ATH), possibly surpassing it as of the time of writing.

As per The Coin Republic’s new quantum prediction model, a drop down to the $93K price level is plausible. The prediction model has had a 95% accuracy in the past.

It shows that based on fundamental, technical and news analysis, a classic ‘buy the rumor, sell the news’ event could occur.

With the anticipated Bitcoin news of resistance level hovering around the $108,000 to $110,000 (pink) territory, we cannot rule out the chances of a retracement towards $93K.

If selling pressure picks up in the next sessions and profit-taking starts, it’s likely that we are also looking at a reversal back to $93,000.

This level has acted as the lower support zone over the last month. A fall to this level can give buyers an entry back at lower BTC price.

As FOMO continues in the market Bitcoin price action fueled by retail interest can surely rise in the short-term.

Even though mid-term price prediction shows a drop in price down to the lower $95K and subsequently $93K levels.

Buy the Rumor, Sell the Bitcoin News To be the Case Soon?

A failure to maintain the $105,000 level (psychological support near the breakout level) could start a larger pullback.

That would undermine Bitcoin to more losses as traders redeem lengthy positions.

Bitcoin news and sentiment are usually important for the determination of where price action moves.

The CoinRepublic’s state-of-the-art prediction model that combines the accuracy of technical, on-chain and AI prediction as well as news data and quantum analysis shows a drawdown to the $93K level playing out soon.

On a technical chart Money Flow Index (MFI) is currently at 56.48, which is neither extremely overbought nor oversold.

However, if the MFI goes from an upward to a downward trend, it can indicate a deterioration in buying momentum, which only adds to our reason for expecting the correction.

A breach of intermediate support levels around $100,000 would make a retest of the $93,000 zone more likely as market participants look for liquidity near previously tested levels.

Several external catalysts selling by short-term particicpants could also expedite a move to $93,000.

Like most other market retracements, Bitcoin’s support at this lower boundary could become a magnet for price action, particularly if the broader crypto market weakens.