Ahead of the U.S. stock market opening, Bitcoin retreated to its daily low, failing to surpass the $93,000 resistance, causing volatility to once again frustrate investors. For now, investors hope for strong support, but the upcoming weekend’s performance depends largely on today’s closing. By analyzing critical data, we aim to predict what’s in store.
Will Bitcoin’s Downward Trend Continue?
Bitcoin rebounded strongly from $84,000 but did not perform as expected in the resistance zone. According to CryptoQuant, BTC remains unstable, hovering below the average realized price. Analyst ‘Darfost’ suggests that the medium-term investor cost needs to be exceeded, indicating that Bitcoin needs to break above $97,000 to end its continuous declines.
If Bitcoin surpasses the cost area for 6 to 12-month investors, it could resume its journey towards a new all-time high.
“Surpassing this level will bring comfort to these investors, regaining potential profit expectations, and encouraging them to hold instead of sell, bringing some stability.”
However, simply breaking $97,000 isn’t enough; consistent closures above the level are essential, and we shouldn’t see higher peaks turning into selling opportunities again. Analyst ‘DaanCrypto’ remains hopeful as long as the $88,000 support holds. Yet, if BTC breaches this support, sales in the $70,000 band, highlighted by figures like ‘Roman Trading’, could deepen.
Weekly Closing for Cryptocurrencies
After a long silence, ‘Rekt Capital’ reappeared, emphasizing the potential for a significant breakout. According to them, the annual opening level of $93,000 must be maintained, and we should not see further weekly closings below the $93,500 resistance.
“A weekly close above $93,500 and retesting new support after breaking this level (as seen in previous green circles) will confirm a breakout.”
Many analysts point out the importance of $93,000 for short-term rises in cryptocurrencies. However, Bitcoin repeatedly falls back to $90,000 due to sales starting in this region. We’ll see if U.S. investors view the local dip as a buying opportunity with the stock market’s opening.