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Bitcoin At Risk Of Sharp Decline To $83,444 If This Support Level Crumbles, Analyst Says | Bitcoinist.com
Bitcoin Must Hold This Support Level For Further Upside
In an X post published today, Martinez highlighted that BTC must hold the ‘most critical’ support level at $93,198. Failure to defend this price level may lead to a sharp decline in the digital asset’s price, potentially sending it down to $83,444.
Offering a more optimistic perspective, analyst Ted noted that BTC is currently in the Wyckoff accumulation phase. The seasoned crypto analyst stated:
Traders and investors will be closely watching the upcoming Federal Open Market Committee (FOMC) meeting. While the US Federal Reserve (Fed) is widely expected to hold interest rates steady, Fed Chair Jerome Powell’s comments could significantly impact risk assets like Bitcoin.
Related Reading: Bitcoin Nears Golden Cross As MVRV Ratio Builds Momentum – Is A Breakout Coming?Despite technical indicators suggesting some underlying weakness in the crypto market, on-chain metrics show signs of a looming supply squeeze, as exchange reserves continue to decline. At press time, Bitcoin is trading at $94,706, up 0.8% over the past 24 hours.