The post Bitcoin Heading Towards Major Support: Here’s Why Holding $95,000 is Very Critical appeared first on Coinpedia Fintech News
As the crypto markets advance towards the yearly close, the bears have become stronger, and as a result, the Bitcoin price drops below one of the pivotal supports. The pullback from the levels above $98,000 can be treated as a major setback, as this revives the possibility of a yearly close below the $100K milestone. With this, the market participants could become less optimistic in 2025, which may delay the revival of a strong ascending trend, targeting a new ATH above $110K.
Bitcoin bulls have pushed the price above $96,000 as the selling volume exhausted to a large extent. Regardless of this, the price is stuck close to the crucial support at $96,071, which keeps the bearish possibilities alive. However, the token remains within the bullish range, with a major support level of around $95,850, where a massive sell-wall has been built.
As per the data shared by popular analyst Ali, nearly 822 BTC may be liquidated if the price hits $95,850.
Hence, if the price hits this level, there is a possibility of a huge pullback as the sell orders of 822 BTC could be processed. However, there are huge sell orders above the levels between $96,100 and $95,900 where more than 100 BTC are feared to be liquidated at each price range. This suggests the Bitcoin price rally continues to trade within the bearish range, as a minor plunge may trigger a huge sell-off.
What’s next? Will BTC price rebound and close the yearly trade above $100K or remain consolidated below the range?
The short-term price action of Bitcoin suggests neither bulls nor bears are possessing the required strength as the price remains stuck within a range. However, the technicals suggest a quick surge in the price could occur anytime from now. The stochastic RSI is trading within the oversold range and has been trying to validate a rebound. However, the possibility of a bullish crossover remains distinct as the levels are about to undergo a bearish crossover, suggesting some more price drain before the next price action.
Meanwhile, the MACD suggests a drop in the selling pressure, hence suggesting a potential trend reversal. Therefore, the Bitcoin (BTC) price is expected to remain consolidated below $100K until the end of the year, which may attract a significant buying volume in 2025.
