Bitcoin (BTC) is trading at a crucial level as market participants keep a close eye on the next big move. A crypto analyst has revealed that the leading cryptocurrency is approaching a make-or-break level as it is hovering around a key support zone that has kept the price level in the short term. The analyst also outlined clear upside and downside levels that could determine whether Bitcoin price regains momentum towards $90,000 or heads for a new trajectory. downward pressure.
Bitcoin faces a Make or Break zone of $100,000
In an X-post this Monday, crypto expert CyrilXBT presented A fresh Bitcoin market outlook suggests the price could be approaching a crucial make-or-break level. He noticed that Bitcoin was still in a broader downtrend off its peak, but recent price action suggested the market could potentially form a base instead of falling further.
Related reading
The attached graph clearly shows this bearish structure. It showed a series of lower highs after the market peak, reinforcing the idea that BTC is currently in a downturn. There was also price promotion compressed into a tight range above a marked support zone, indicating indecision between buyers and sellers.
Fortunately, according to CyrilXBT, the $84,000 to $88,000 zone has done most of the heavy lifting, with buyers actively defending it. He revealed that repeated testing in this area had not led to a decisive failure, proving that question remained despite continued sales pressure.
CyrilXBT has stated that as long as Bitcoin continues to hold the region of $84,000 to $88,000, prices will rise slowly but steadily instead of making an explosive move. He noted that this type of structure often pushes BTC towards the $92,000 to $95,000 range, which he set as BTC’s first upside target. This step is described as a recovery attempt within the existing trend and not as a recovery attempt complete reversal.
The analyst pointed to $100,000 as the key level above the current price. He noted that this level had previously provided strong support and had now turned into resistance. He further described $100,000 as the true make-or-break level that would determine whether Bitcoin could regain bullish momentum.
Related reading
BTC risks a crash if the resistance fails
In his post, CyrilXBTC noted that as BTC fails to hold $100,000the price outlook could quickly turn bearish. The crypto analyst revealed that a loss of the $84,000 area could trigger a steeper decline towards lower support zones between $76,000 and $72,000. He also indicated that this area represented the next major level where buyers could intervene to prevent further downturns.
At the time of writing, Bitcoin is now trading above $87,000 decreasing this year by more than 8.5%. If a crash below $84,000 occurs, the cryptocurrency could lose between 12.6% and 17.2% of its market value.
Featured image created with Dall.E, chart from Tradingview.com