Last week, Bitcoin closed well below the $100k mark, lost momentum and followed negative sentiments as it rolled back to a two-month low. This led to a serious bloodbath as the supply level increased.
Bitcoin’s dominance has increased slightly in the past hour following the sudden crash that hit the entire crypto market. Tether-USDT market cap increased as a result as most assets are converted for funds protection. Still, several altcoins are seriously bleeding out with a double-digit loss.
Despite the drop, its market structure remains bullish on the macro level but things have become uglier since it lost grip above the $100k mark last weekend. Today marked its biggest fallout due to rising supply and the price tested $91,231.
The $91k level remained a strong support for the primary crypto in the short term. If it holds well again, we can anticipate a buy. Otherwise, the bearish footprints might get stronger in the coming weeks. And if that happens, a bigger price collapse can be expected into the $80k range and possibly $70k in the near term.
Technically, the bulls are in disbelief at the ongoing bleeding as they recorded a huge loss in the last 24 hours. They are likely to suffer more losses when selling pressure continues. Currently, the bears are taking a short break.
BTC’s Key Levels To Watch
Source: Tradingview
The $91k support is still holding. If the market dips below it, the next line of interest for the bears would be $85k and potentially $82k.
Bitcoin currently sits at $95k due to a slight recovery. A further increase could bring a retest at $95,940. The $99,550 level is the next resistance to watch for buying. A successful push above it should bring us back to the $105k and $109,588 resistance levels.
Key Resistance Levels: $ 95,940, $99,550, $105,000
Key Support Levels: $91,000, $85,000, $82,000
- Spot Price: $95,000
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-price-analysis-prediction-february-3-bitcoin-sees-7-daily-cuts-following-a-drop-off-100k/