Will Bitcoin Price Plummet to $86,000?
Bitcoin rallied slightly over Christmas but has recently fallen. Market participants appear to be taking profits, which is putting downward pressure on the price of the leading cryptocurrency.
As buying activity weakens, the price of BTC may soon fall below the critical $90,000 mark. This analysis explores some of the reasons behind this prediction.
Bitcoin bears apply more pressure
BTC decline has ended Over the past few days, its price has fallen below the leading span A (green line) of the Ichimoku Cloud indicator on which it is currently trading. This indicator tracks the momentum of an asset market trend and identifies potential support/resistance levels.
When an asset’s price falls below its Ichimoku Cloud’s leading span A, it signals weakening momentum and a potential bearish turn. Leading span A represents near-term support, so a move below this level signals a weakening in the strength of the asset’s uptrend.
farther, Token’s Negative Chaikin Fund Flow (CMF) confirmed weakening demand for BTC. As of this writing, the indicator is trading below the zero line at -0.02.
The CMF indicator measures the intensity of financial flows into or out of an asset during a specific period, based on price and volume. Same as Bitcoinwhen its value is below zero, it indicates that selling pressure is dominant, indicating that there are more outflows than inflows. This is a bearish sign, implying weak demand and potential downward price momentum.
BTC Price Prediction: Can the $91,000 Support Hold?
If demand weakens further, Bitcoin’s next major support level is at $91,488, which may not be able to hold. In this scenario, the coin’s price could fall below $90,000 for the first time since early November, trading at $86,697.
However, if BTC experiences recovery Amid buying activity, this could push its price above the dynamic resistance at $97,675 provided by the Ichimoku Cloud leading span A. A successful move above this level could push BTC price back towards the all-time highs of $108,230.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
