Bitcoin (BTC) is currently recovering to $ 101,000 after a decrease to $ 98,000, a correction of almost 10% from the recent record of $ 109,000. However, analysts warn that a further decrease under $ 91,000 can herald the end of the current bull market.
Corrections during the Bull Run
Since Donald Trump won the American presidential election, Bitcoin’s prize has risen from $ 66,000 to a record high of $ 109,000. During this increase, BTC has undergone several corrections, including a decrease of 15%twice. The recent decrease of 10% is therefore in line with previous price movements during this bull market.
Analyst James van Straten emphasizes that the level of $ 91,000 is a crucial support line based on the average costs of coins that have been moved in the last 155 days. This indicator, known as the Short-Term Holder Cost Basis, is often used to determine important support levels during a bull market.
Negative sentiments and warnings
Despite the recovery from BTC to $ 101,000, the negative sentiment in the market is growing. The financing rates for Bitcoin-Futures are starting to become negative, which indicates an increasing sales pressure. Arthur Hayes, co-founder of Bitmex, predicts a possible correction to $ 70,000 $ 75,000 before BTC could rise again to $ 250,000.
In addition, Coindesk analyst warned Godbole about a possible “double top” in other words, which could send the price to $ 75,000 if the pattern is fully developing. This bearish scenario could seriously disrupt the current bullish dynamics.
External factors influence the market
The recent correction is partly attributed to concerns about the Chinese AI company Deepseek, which has developed a hyper-efficient AI model that may be competitive with American technologies. These concerns have not only affected the cryptomarkt, but also wider stock markets. Nasdaq-Futures fell by no less than 4%, which reflects the ongoing nervousness among investors.
Claim € 10 free today and do not pay trading costs over the first € 10,000!
Grab this unique opportunity with Newsbit and Bitvavo by creating an account now via the button below. Only deposit € 10 and receive € 10 free of charge. Moreover, you can act without costs for 7 days over your first € 10,000 in transactions. Start today and take advantage of the growing popularity of Crypto!
Make your account and claim € 10 for free.
Don’t miss this opportunity to take advantage of the growing popularity of Crypto!
Source: https://newsbit.nl/bitcoin-kan-bullmarkt-verliezen-als-koers-onder-91-000-zakt-waarschuwt-analist/
