Following the Bitcoin Drop, Analyst Releases Hot Report: ‘This is Where the Price is Heading’
Bitcoin (BTC) has signaled weakness in its short-term technical structure by falling below the moving average support level observed on the 4-hour charts. The monthly opening price of approximately $87,600 stands out as the target point for a potential pullback.
Crypto analyst Lennaert Snyder stated that the BTC price has fallen to around $91,000 and broken through the support level of $92,155 on the 4-hour chart. He noted that this move confirms the downtrend and that the market is looking for short opportunities. Snyder added that his ultimate target during the recent dips was $87,600.
A graph showing the drop in BTC price.
According to the analyst, the $90,500 level remains a significant support zone for Bitcoin. A strong rebound from this level and a potential trend reversal could lead to the closing of existing short positions. On the other hand, if the BTC price surpasses the approximately $96,500 resistance level, the technical outlook could turn bullish again, and market expectations could become more bullish.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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