Market Analysis
Bitcoin (BTC) has entered a crucial phase as it tests critical support levels, dropping below $95,000 amid increasing market uncertainty. The flagship cryptocurrency faces a decisive moment that could determine its trajectory for the coming weeks, with analysts highlighting $96,000 as the make-or-break level.
Recent Price Action
After reaching recent highs near $99,000 following the SEC’s positive stance on crypto regulation, Bitcoin experienced a sharp 5.7% decline. The downturn was exacerbated by a significant security breach at Bybit, resulting in a $1.5 billion loss.
Key Technical Levels
- Current Price: $94,165
- Critical Support: $95,700
- Monthly Close Target: $96,700
- Previous Range: $96,000-$102,000
Expert Analysis
According to Rekt Capital, Bitcoin needs to secure a monthly close above $96,000 to maintain its bullish momentum. The analyst emphasizes that while daily fluctuations matter, the higher timeframe signals remain crucial for long-term trend confirmation.
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Market Implications
The current price action suggests a critical juncture for Bitcoin, with the potential for either a strong bounce or further correction. Traders should monitor the $96,700 level closely as it represents a significant technical and psychological barrier.
Source: NewsBTC