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Bitcoin 
$103,740 recently experienced a 1% increase, trading at $83,165. However, market experts warn that if critical support levels are breached, the price could plummet to as low as $46,000. Historical data indicates that dips below the 50-week moving average have triggered significant sell-offs in the past, while strong resistance around the $95,000 mark poses a substantial challenge for bullish movements. Current market sentiment is cautiously optimistic, bolstered by U.S. inflation data and geopolitical developments.
Bitcoin’s Critical Support Level and Historical Indicators
Experts emphasize the risk posed by Bitcoin remaining below its 50-week moving average (MA). In past instances (2014, 2018, 2020, and 2022), breaking this level led to price drops down to the 200-week MA, approximately $46,000. According to analyst Ali Martinez, if a similar scenario unfolds, Bitcoin could retreat to this critical level.
Moving averages serve as crucial indicators for investors to understand long-term trends. Typically, a drop below the 50-week MA signals a seller-dominated market. For example, after a similar breach in 2018, Bitcoin fell to $3,200. Therefore, maintaining the current price around the support level of $81,000 is vital.
Resistance Zone and Upside Potential
The most significant resistance point for Bitcoin is identified at $95,000, where 1.2 million investors hold 726,000 Bitcoin. Due to intense selling pressure, surpassing this region has become increasingly challenging. However, a successful upward movement could unlock pathways to new record highs.
Market participants are optimistic about the positive impacts of slowing U.S. Consumer Price Index (CPI) and reduced tensions between Russia and Ukraine. Some analyses predict that these factors could propel Bitcoin to $118,000. Moreover, the increase in open positions within the futures market also supports bullish expectations.
