Key Takeaways
- BTC liquidation zones for short and long positions readjust to $85,000 and $81,000 respectively.
- Crypto experts weigh in on BTC price action following the price struggle to break above $90,000.
- BTC’s price must break above $95,000 to resume strong bullish price action to the upside.
Bitcoin (BTC) continues to face more bearish price action, trading in a range around $78,500 to $87,000. This new bearish price action is preventing the price from rallying above $90,000.
The price of BTC dropping from a high of $109,000, where the price created a historical all-time high, has created mixed feelings around the crypto space following the price of Bitcoin struggling to initiate a similar price volume, leading to a price rally of $109,000.
If the price of BTC continues to struggle below key regions of $90,000 and $95,000, many crypto experts believe the price would continue in its range of price movement, and the speculation of BTC’s price retesting a region of $75,000 to $70,000 continues to be realistic.
Crypto Market Sentiment and Expert Analysis
TraderMagus, a top crypto expert, took to his X account to speculate and analyze current Bitcoin price action. He stated that the price of BTC has failed to break above $90,000 despite showing strong bullish signs early this week. The price rejected around $87,000 into its range channel of $83,000.
The crypto expert also highlights that if the price of BTC continues to trade in this current price action, struggling to find a clear uptrend rally, there are high chances of the price retracing into a region of $70,000, acting as a strong demand zone and liquidity area for the price.
HarrySnipe also, on his X post, shares a similar view regarding the current price action for BTC as HarrySnipes speculates the price of BTC trading into $70,000 where there is buy liquidity lying around that zone to push the price to the upside after the price of BTC on several instances has failed to trend towards its high of $90,000 to $95,000.
Despite speculation hinting at the price trading towards $75,000 to $70,000, the price of BTC must be defended by bulls around this region to prevent further slip below this point. Otherwise, we could see the price trade into $65,000, which could affect the overall market sentiment and lead to extreme fear and a market sell-off.
Where Is BTC Price Headed?
Source – BTC 1Week Liquidation Data From Coinglass
Following the recent price rally of $87,000, with prices rejected towards $83,000, the liquidation data for long and short positions corresponding to the support resistance zone currently is around $85,000 for short positions and $81,000 for long positions.
Key BTC zones to watch for bears and bulls are $75,0000 and $95,000, respectively. If the price of BTC crosses above the high of $95,000, we would see bulls taking control of the price to higher points.
