[Analysis] "Bitcoin faces risk of falling to $94,334 if it fails to regain $116,354"
Suehyeon Lee
Summary
- Virtual asset analyst Ali Martinez said that Bitcoin regaining $116,354 is important for maintaining a positive price trend.
- He said that if it fails to break that level, it could adjust down to $94,334 according to Pricing Bands analysis.
- Currently, Bitcoin is trading at $109,677.71, and there is a risk of further decline depending on whether it breaks the short-term resistance.
An analysis said Bitcoin (BTC) needs to reclaim the $116,354 level to continue a positive price trend.
On the 27th (local time), virtual asset (cryptocurrency) analyst Ali Martinez said via X, "If Bitcoin fails to reclaim the $116,354 level, it could adjust down to $94,334 based on Pricing Bands analysis."
The analysis said that if it fails to break the short-term resistance, selling pressure will strengthen and the risk of a decline will increase. Meanwhile, Bitcoin is currently trading on CoinMarketCap at $109,677.71, up 0.14% from the previous day.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.![[Market] Bitcoin slips below $77,000…Ethereum also breaks below $2,300](https://media.bloomingbit.io/PROD/news/f368fdee-cfea-4682-a5a1-926caa66b807.webp?w=250)
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