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Experienced Analyst, After the Fall, Evaluated Bitcoin Price: "This Level Should Never Fall Below..."
Bitcoin price continuing to experience a sudden drop and fall below $100,000, cryptocurrency analyst Ali Martinez evaluated BTC in his statement.
According to the analyst, in fact, the price of Bitcoin yesterday broke above a Head and Shoulders formation and reduced the probability of a bear scenario. However, with the sudden drop today, the gains were erased and the BTC price fell back below the formation, increasing bear concerns.
Ali Martinez added that with the recent drop, the BTC price has fallen below the critical demand zone of $95,400 to $98,400, and investors who bought here are forced to sell to reduce potential losses.
An analyst stated that he would be concerned if the selling pressure continues and the price of Bitcoin falls below $92,000. Ali Martinez noted that there is not a strong support level down to $74,000 in case of a drop below this level.
From a macro perspective, it said that market conditions have reignited fears of a potential BTC decline.
On the bullish scenario side, however, it was stated that there is a $35 million liquidation zone around $98,600 that market makers may want to achieve. According to the analyst, the BTC price could rise to this level, but from a macro perspective, it presents a cautious outlook.