Bitcoin has found itself in a hard situation, struggling to regain the coveted $100,000 level after a rapid shift in market sentiment. Just a few weeks ago, optimism dominated the landscape and prices reached up-to-date highs. However, the narrative has taken a keen turn as fear is now prevailing in the market following the sudden correction.

Currently listed below 100,000. Bitcoin’s price action reflects increased uncertainty among investors. Top analyst Axel Adler recently shared his views on X, highlighting the importance of the $90,000 level as a solid support zone. According to Adler, this zone extends to the lower $79,000 range and acts as a hedge against further declines. He emphasizes that maintaining this support is crucial for Bitcoin to stabilize and regain bullish momentum.

While current sentiment leans towards caution, historical trends suggest that Bitcoin often thrives after key support levels are tested. The market’s attention has now shifted to whether BTC can defend this critical zone and execute a recovery. In the coming days, the level will reach 90,000. dollars will be a key battleground that will decide whether Bitcoin can regain its footing or continue its decline. Both investors and analysts are closely monitoring the developments in anticipation of the next essential move.

Bitcoin demand below 100,000 dollars

Bitcoin price action has moved from testing up-to-date all-time highs to finding solid demand below the $100,000 level. This zone will determine whether growth will resume or whether the market will confirm a deeper correction. Amid this uncertainty, top analyst Axel Adler has provided critical insights on Xshedding lightweight on key levels shaping Bitcoin’s trajectory.

Adler’s analysis highlights the importance of the $79,000 level, which recently posted the largest unrealized profit and loss (P/L) in the last decade. These data suggest that the 79 thousand zone dollars is not only a psychological reference point, but also a key level of support during significant market activity.

Additionally, he emphasizes that the barrier of 90,000 dollars is a solid support area, the lower limit of which is 79 thousand. dollars. Adler notes that keeping above 90,000 dollars in the coming weeks would strengthen the upward momentum, which makes the escalate above 100 thousand. dollars is highly probable.

However, Adler also warns against the possibility of a sideways consolidation phase. Such a move could serve as a calming period for the market, allowing it to digest the recent gains before returning to its upward path. For now, Bitcoin’s price action remains at a key crossroads, and its ability to hold support levels determines whether the next phase will be a breakout or correction. Investors are watching this closely.

Technical analysis: key levels to hold

Bitcoin is currently trading at $96,200, reflecting days of indecision and sideways price action that have left investors uncertain about the next move. Despite this phase of consolidation, BTC remains in a critical range and its future direction will likely depend on whether bulls or bears take control.

For bullish momentum to return, Bitcoin must clearly cross the psychological mark of $100,000. Reaching this milestone would signal renewed strength and could pave the way for further price discovery, potentially sparking the next leg of the rally. On the other hand, holding above the $92,000 level would continue to maintain the bullish narrative as it shows resilience at the key support zone.

However, concerns remain among analysts about a potential economic downturn. Some experts predict that Bitcoin could fall as low as $70,000 in the coming weeks if support at $92,000 falls. dollars will not last. This bearish scenario would mean a significant correction and could shake up market sentiment.

In the current environment, Bitcoin’s price is at a turning point and the bulls need to regain control to push the market higher. Until then, the market remains susceptible to both bullish breakouts and bearish breakdowns, leading investors to closely monitor these key levels for further clues.

Featured image from Dall-E, chart from TradingView