Key Metrics Reveal Bitcoin STH Support Levels Around $89K–$86K – Is BTC At Risk?

This article is available in Spanish.

Bitcoin has faced intense selling pressure since Tuesday, following a strong break above $100,000. The rally, which many investors hoped would reinforce Bitcoin’s bullish structure, quickly reversed, sending the price down to a low of $92,500. The sudden downturn has disrupted market sentiment, making investors cautious about the crypto market leader’s immediate direction.

Top analyst Axel Adler has shared crucial data on X, highlighting Bitcoin’s nearest support levels. According to Adler, the key levels to watch are between $86.8K and $89.7K, which represents the realized price of short-term holders. These statistics suggest that Bitcoin is approaching a significant demand zone, where accumulation could occur as selling pressure subsides.

As Bitcoin consolidates near these levels, the market awaits signs of stabilization. Whether Bitcoin can recover from this setback or extend the correction remains uncertain. However, current support levels could serve as an inflection point and provide a basis for regaining momentum.

Bitcoin is consolidating between key levels

Bitcoin is in a critical consolidation phase, with its price fluctuating between $100,000 and $92,000. While there have been brief deviations above the $100,000 mark, the market leader has struggled to maintain momentum, raising concerns about a possible decline into lower demand zones. Investors and analysts alike are closely watching this range, with Bitcoin expected to find stronger footing below the $90,000 area.

Top analyst Axel Adler recently shared insights about Xwhich sheds light on Bitcoin’s nearest support levels. According to Adler, the Short-term holders 1M-3M Realized price is currently $89.7K, while it is wider Short-term holders Realized price sits at $86.8K.

See also  Bitcoin Recent Surge, Why Is the U.S. Sitting Out This Crypto Rally?
Bitcoin Support Levels
Bitcoin Support Levels | Source: Axel Adler on X

These levels represent key demand zones that could provide Bitcoin with the fuel needed for its next rally. A dip in these areas would likely attract buyers and pave the way for a possible turnaround.

This period of consolidation is seen as crucial for Bitcoin as holding or regaining key levels like $92K will determine its trajectory. While broader market sentiment remains cautious, a decline into these lower support zones could provide a significant accumulation opportunity for long-term investors. The coming days will be crucial in deciding whether Bitcoin can stabilize and prepare for a renewed bullish push.

BTC is facing a critical support test below $95,000

Bitcoin is trading at $93,400 and is in a precarious position as it faces increasing risk every time it falls below $95,000. After a brief surge above $100,000 earlier this month, bulls lost control and failed to maintain support above this psychological level. This decline has left Bitcoin vulnerable to further downside, with investors keeping a close eye on key support levels.

BTC test question above $92K
BTC Test Question Above $92K | Source: BTCUSDT chart on TradingView

For the bulls to regain momentum, regaining the $95K level is crucial. In addition, the $98,000 mark should also be recaptured to confirm bullish consolidation and signal strength in the market. Until then, uncertainty looms, with Bitcoin’s current range reflecting a lack of decisive control on both sides.

The critical support level at $92,000 now acts as a short-term safety net. However, losing this level would expose Bitcoin to lower demand zones around $85,000, a key area that could attract buyers and stabilize the price. The coming days will be critical as Bitcoin either mounts a recovery or risks a deeper correction.

See also  Former President Donald Trump Pays for Burgers With Bitcoin at New York Bar

Featured image of Dall-E, chart from TradingView

Credit : www.newsbtc.com