Bitcoin Bull Market Might Be in Jeopardy, Analyst Says, Here's What's Happening
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Cryptocurrency analyst and trader Ali Martinez has published fresh data revealing a potential threat to the current bull market. He revealed a critical Bitcoin price level that must not be crossed by bears.
Analyst names critical Bitcoin level
Martinez revealed the presence of a critical level for Bitcoin on the chart — $97,877. This is where a massive amount of BTC was accumulated, therefore, “this level holds critical importance.”
If BTC manages to hold above it, the bull run is likely to continue, the analyst believes. If Bitcoin loses this crucial level and falls first below $97,877, and then also goes under $91,700, the entire bull market could be put in jeopardy, the expert believes.
Bitcoin keeps rising despite Fed’s hawkish position
Over the past 24 hours, Satoshi Nakamoto’s brainchild, Bitcoin, has staged an increase that added almost $4,000 to its price, taking it from $101,764 to $105,442. The price surge took place despite Federal Reserve chairman Jerome Powell’s statement about the lack of plans to cut interest rates further.
Bitcoin has so far been unphased by Fed’s hawkish position. However, by now, BTC has tumbled a little and is changing hands at $105,251 per coin.
The Fed Reserve switched to dovish mode last year, in September, when it began reducing interest rates for the first time in four years and made several rate cuts of 50 and 25 basis points. Lower rates mean more free liquidity can enter the market. With that, the Bitcoin price began to rise gradually. However, real price surges began in November — after Donald Trump’s election victory.
Yuri MolchanHot debates over U.S. crypto reserve
Currently, heated debates are going on between members of various crypto communities on social media, and on the X platform in particular. One of Trump’s promises during the election campaign was to embrace Bitcoin and turn the U.S. into a global Bitcoin mining and crypto hub.
He said that he would create a Strategic Bitcoin Reserve and that BTC may even help the U.S. reduce its national debt. Now, Bitcoin maximalists insist that only BTC should be included in this potential crypto reserve. At the same time, supporters of other coins, including Ripple CEO Brad Garlinghouse, say that it should be a multi-coin reserve.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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