Bitcoin‘s trading value hovers around $94,000, with experts highlighting concerns about its performance on monthly charts. Notably, this represents a significant drop of approximately 13% from the record high earlier this month.
What Are the Trader’s Insights?
Altcoin Sherpa, a pseudonymous trader with a strong following on social media, conveyed to his 236,300 followers that the monthly chart for Bitcoin appears weak but not hopeless. He advised that BTC is likely to fluctuate within the $99,000 to $92,000 range until a clearer trend develops.
Could Bitcoin Drop Further?
Indeed, the trader warned that if Bitcoin fails to hold the $92,000 support line, it might plunge back to the $80,000 level. He noted that support levels tend to deteriorate the more they are tested, which heightens the risk of further declines.
- Bitcoin is currently valued at $94,368.
- The all-time high of $108,135 was recorded on December 17.
- Persistent testing of support levels raises concerns about their strength.
- A potential rebound to $86,000 could occur before an upswing to $111,000.
The outlook for Bitcoin remains uncertain, influenced by market trends and broader economic indicators. Traders are encouraged to keep a close eye on support and resistance levels, as these will play a crucial role in shaping future price movements. As the market evolves, strategic decision-making becomes essential for holders.