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Bitcoin Bearish Case Emerges. Is A Dump To $73,000 Coming?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Bearish Case Emerges – Is A Dump To $73,000 Coming?

Scott Matherson
Scott Matherson
3 months ago
3 mins read
Bitcoin

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A new technical analysis on TradingView suggests Bitcoin may be approaching a decisive moment, with a possible breakdown below key support levels. This analysis comes amidst a weakening buying pressure in Bitcoin, which opens up the possibility of a break below a strong support level. If this happens, Bitcoin could see further downside to $80,000 or even $73,000 in the coming weeks.

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Bitcoin Faces Critical Support Test At $93,000

Technical analysis shows that Bitcoin has been fluctuating between an upper resistance zone at $108,000 and a lower support level at $93,000. Particularly, crypto analyst MMBTtrader noted that this support zone has been tested multiple times, six times to be exact since the Bitcoin price started trading within this range. Such multiple retests are expected to have weakened this support zone, as the buyers can as well give up very soon.

The most recent test occurred on February 18, when Bitcoin rebounded at $93,900, just above the key $93,000 level. However, Bitcoin has yet to establish a decisive recovery from this zone, and there is still a possibility of a full breakdown. Particularly, the analyst pointed out that the likelihood of a drop below $93,000 support has increased with momentum fading from buyers.

A swift break below $93,000 could cause a continued downside move, and it opens up a decline to the next significant support level around $72,000, although there is a minor support level at $78,900 that could prevent this drastic fall. Interestingly, this bearish scenario aligns with previous analyses that pointed out a lack of strong support within a $12,000 range between $87,000 and $75,000.

Bitcoin At A Crossroads: Breakdown Or New Highs?

The technical analysis by MMBTtrader sheds light on Bitcoin’s current market structure, which is a phase of consolidation rather than outright bearishness. Although recent developments indicate signs of bearish developments, Bitcoin has yet to shift into a fully bearish mode.

BTC is currently trading at $96,806. Chart: TradingView

Instead, the current price action only suggests a period of indecision, where both bullish and bearish scenarios are possible. The repeated retests of the $93,000 support could cause a strong breakdown, but at the same time, a renewed wave of buying momentum could also spark a rally above $100,000.

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The analyst also noted a scenario of Bitcoin picking up buying momentum and catapulting off the $93,000 support level. If the $93,000 support level holds, Bitcoin may gain momentum for another rally toward a new all-time high. In this scenario, the analyst highlighted a rally towards a new all-time high target zone around $113,220.

At the time of writing, Bitcoin is trading at $96,470, down by 2% in the past 24 hours. It is also down by 11.5% from its all-time high of $108,786.  

Featured image from Pixabay, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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