$75,000 or $130,000? Bitcoin Price Structure Breakdown Warrants Fresh Take
The post $75,000 or $130,000? Bitcoin Price Structure Breakdown Warrants Fresh Take appeared on BitcoinEthereumNews.com.
Bitcoin price served up an unexpected capitulation this week, after giving up its minimal weekend gains. A clear sign that the bears were not yet ready to give up their reign. But even more interesting is what this outcome did to the market sentiment. A sharp decline in the crypto fear and greed sentiment accompanied the bearish Bitcoin price action. The latter fell as low as 21 points on Tuesday, which was the lowest level observed since April. Crypto fear and greed index/ source: Alternative.me The bearish outcome also yielded another Bitcoin price slide below $100,000. The last time that it retested the same levels was in June. This also demonstrated just how much the negative sentiment had prevailed. For context, both price and sentiment fell below levels observed during the October flash crash. The bearish outcome also led to a sizable uptick in Bitcoin exchange reserves. The reserves surged from 2.386 million BTC on Monday to 2.393 million BTC at the time of observation. Bitcoin exchange reserves/ source: CryptoQuant Bitcoin Price Risks Further Downside The $100,000 price level has been a key support level underscoring bullish resilience. Pullbacks below the same level thus signal declining bullish confidence. Bitcoin price dropped below $99,000 but it had since recovered back above $104,000 after bouncing back near $98,000. The recovery signalled that there was significant accumulation at the support level. Recent recovery attempts demonstrated weak demand, especially from whales. This is why BTC may risk further downside if demand fails to make a strong comeback. If BTC faces further demand weakness, then price may extend downside. The next key price support levels include $93,000, $84,000 and $75,000. Whether Bitcoin price will achieve a sizable recovery from its current levels may depend on various factors, including the level of demand. For example, Bitcoin…
