Why Reclaiming The $96,400 Level Is Very Important For Another Rally
Bitcoin price recently attempted to reclaim the support at $96,400 after breaking above $96,400. bearish trend line. One cryptocurrency analyst highlights why this level of support is important for Bitcoin’s Next Price Riseas it could set the stage for a retest of the $100,000 all-time high (ATH).
Bitcoin price retests $96,400, surges towards $100,000
Well-known cryptocurrency analyst Rekt Capital posted on X (formerly Twitter) on December 4 notify He updates his more than 518,000 followers on current Bitcoin price trends and future direction. The analyst said that if Bitcoin successfully tests the $96,440 support, it could trigger price rise to $100,068.
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Rekt Capital shared a price chart, revealing that Bitcoin keeps retesting its series of lower highs, establishing it as key support level. In his Bitcoin price chart, “lower highs” means that each successive high is lower than the previous point. This development is usually observed during downtrends. However, with Bitcoin now seeing these lower highs as support, this suggests a possible shift in the market, suggesting that price may be heading towards decline.
Rekt Capital also highlighted that Bitcoin is producing a longer downward shadow, indicating that its price has fallen significantly during this time, but Buyer intervention. The analyst highlighted that Bitcoin is currently grabbing liquidity at lower prices without falling below key support trend lines.
A liquidity grab occurs when a large number of orders at a key price level are unexpectedly triggered. In the case of Bitcoin, a “liquidity grab” is when the market falls to: Buy order gatheringenabling large players to execute transactions.
Rekt Capital revealed that as long as this trend continues, Bitcoin will eventually rise back to $96,440 levels. Restoring this key support would allow Bitcoin to reach and beyond $100,000 Milestone.
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Bitcoin Bear Market Scenario
Looking at the price chart provided by Rekt Capital, several support levels are highlighted, suggesting that if Bitcoin fails to reclaim the $96,440 mark, its price could drop to that level. at present Bitcoin Price Trend Despite suggesting that it could reach $100,000, analysts said that if the pioneer cryptocurrency fails to hold the $96,440 support, it could retest lower support around $91,070.
As shown by the red line on the price chart, $91,070 is a key price level for Bitcoin. If the cryptocurrency also falls below this level, it could hit new lows Approximately $87,325. As of this writing, Bitcoin price is $96,737, up 3.24% from the past week. A fall below the $87,300 level would mean a drop of more than 10% in Bitcoin’s current value.
Featured image created using Dall.E, chart from Tradingview.com
