As Bitcoin continues to navigate the $100K territory, veteran market analyst Daan Crypto has identified a crucial support level that could determine the cryptocurrency’s next major move. In a detailed technical analysis shared on May 16, the expert highlights $90,000 as the make-or-break point for Bitcoin’s current bull structure.
Bitcoin’s Current Market Position and Key Levels
Bitcoin is currently trading at $103,509, showing signs of consolidation after stalling near the $104K level. The cryptocurrency has established a range-bound market between $101,000 and $105,000, with its all-time high of $109,000 serving as a significant psychological barrier.
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The $90,000 Support Level: A Critical Technical Threshold
According to Daan Crypto’s analysis, the $90,000 level represents a pivotal support zone that Bitcoin must maintain to preserve its bullish market structure. This level hasn’t been breached since mid-April, when BTC began its current upward trajectory. A break below this threshold could trigger a significant bearish reversal.
US-China Trade Relations Impact on Bitcoin
The recent 90-day pause in tariffs between the US and China has injected over $600 billion into global financial markets. While Bitcoin initially outperformed traditional markets, reaching nearly $106,000, its momentum has since slowed compared to conventional stock markets.
Market Outlook and Trading Implications
For Bitcoin to resume its bullish momentum, Daan Crypto emphasizes the importance of breaking above the current all-time high of $109,000. Without this breakthrough, the cryptocurrency may continue its consolidation phase. Technical patterns suggest a potential move toward $120K if the current support holds.
FAQ Section
What happens if Bitcoin breaks below $90,000?
A break below $90,000 would signal a potential trend reversal and could trigger a significant downward price movement.
How does the US-China trade deal affect Bitcoin?
The trade deal has increased market liquidity and investor confidence, potentially supporting Bitcoin’s price stability above $100,000.
What’s the next major resistance level for Bitcoin?
The current all-time high of $109,000 represents the most significant resistance level that Bitcoin needs to overcome for continued upward momentum.
At press time, Bitcoin maintains its position above $103,000, with market participants closely monitoring the critical $90,000 support level for signs of potential trend changes.
