Bitcoin Updates Today: Is Bitcoin's Decline a Temporary Correction or the Start of a Crash? Experts Disagree
- Bitcoin's recent sharp price swings, dipping below $90,000 before rebounding to $96,500, have intensified debates over bear market risks versus bull cycle consolidation. - MicroStrategy's CEO Michael Saylor denied Bitcoin sales, reaffirming accumulation strategies as institutional ETF redemptions hit $870M, signaling bear market concerns. - Technical analysts highlight critical $92,000–$95,000 support zones, with breakdown risks pushing prices toward $85,000–$90,000 amid deteriorating market sentiment. -
Bitcoin experienced significant volatility recently, briefly falling below $90,000 for the first time in seven months before recovering to $96,500 at the time of writing. This sharp movement has drawn increased attention to the cryptocurrency’s technical support levels and institutional involvement, with
Technical experts point to crucial support areas as pivotal for Bitcoin’s short-term direction. Should the price fall under $90,000, a correction of 25% to 40% could follow, consistent with previous mid-cycle corrections. Current trading patterns indicate Bitcoin is hovering in the $92,000–$95,000 range, which aligns with the 6–12 month cost basis and ETF inflows.
Despite the turbulence, El Salvador has doubled down on its Bitcoin investment, making its largest single-day purchase of 1,090 BTC (worth $100 million) as prices reached multi-month lows
The stock market has also taken note of this aggressive accumulation.
Bitcoin’s future direction will depend on whether it can reclaim its 365-day moving average, which could help ease selling pressure and avert a steeper decline.
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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