As the Bitcoin price experienced a sudden drop and continued to decline below $ 100,000, cryptocurrency analyst Ali Martinez evaluated BTC in his statement.
According to the analyst, Bitcoin price actually broke above a Head-and-Shoulders pattern yesterday, reducing the possibility of a bearish scenario. However, with the sudden drop today, the gains were erased and BTC price fell below the pattern again, increasing bearish concerns.
Ali Martinez added that with the recent decline, the BTC price fell below the critical demand zone of $95,400 to $98,400, and investors who bought here were forced to sell to reduce potential losses.
The analyst noted that if the selling pressure continues and the Bitcoin price drops below $92,000, he would be concerned. Ali Martinez noted that there is not much strong support level until $74,000 in case of a drop below this level.
From a macro perspective, he said, market conditions have reignited fears of a potential BTC drop.
However, on the bullish scenario side, he stated that there is a $ 35 million liquidation zone around $ 98,600 that market makers may want to acquire. According to the analyst, the BTC price may rise to this level, but the macro perspective offers a cautious outlook.
*This is not investment advice.
