Bitcoin’s Future Hangs in the Balance as Key Support Levels Face Pressure

You can also read this news on COINTURK NEWS: Bitcoin’s Future Hangs in the Balance as Key Support Levels Face Pressure

A prominent cryptocurrency trader has warned that Bitcoin (BTC) may experience a sharp decline in value if it loses a significant support level. The trader, known as Altcoin Sherpa, shared this caution with their 239,300 followers on the social media platform X, highlighting that a drop below the crucial support price of $90,000 could push Bitcoin’s value down to around $80,000.

Bitcoin’s Support Level

Sherpa expressed concerns that decisions related to Bitcoin seized from the Silk Road darknet market by the U.S. government could continue to negatively influence the cryptocurrency market. This scenario, he noted, might hinder Bitcoin’s recovery efforts.

Fartcoin Analysis

In a further analysis, the trader suggested that the Solana -based memecoin Fartcoin (FARTCOIN) could decline over 28% from its current value, based on Fibonacci retracement levels. He indicated that FARTCOIN’s market structure remains in a downtrend.

“BTC: Perhaps we will see an endless Time Weighted Average Price (TWAP) sell-off until these foolish government sales cease. If we lose the $90,000 level, it could worsen. We hope to absorb this situation but are not very certain. In some scenarios, dropping below $80,000 wouldn’t surprise us.” – Altcoin Sherpa

Currently, Bitcoin is trading at around $94,776, reflecting a 2.8% increase in the last 24 hours. Meanwhile, FARTCOIN is priced at $0.84 after experiencing a 2.4% decrease. The trader also mentioned considering additional buying around the $0.80 and $0.60 levels.

Sherpa advised caution, noting that if Bitcoin falls below its support level, it could negatively affect the broader market. Given the volatile nature of Bitcoin and other cryptocurrencies, breaking support levels could lead to swift market fluctuations.

The post Bitcoin’s Future Hangs in the Balance as Key Support Levels Face Pressure appeared first on COINTURK NEWS.