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In the first days of February, Bitcoin 
$83,520 experienced a significant decline, losing over 5.62% of its value from February 1-5. Currently, after a price correction, Bitcoin has not fully recovered its previous losses, showing a 1.9% decrease in the past week. Notably, analyst Ali Martinez warns that if Bitcoin falls below $92,110, it could decline further to $70,000. As of now, Bitcoin is priced at $96,037.
Strong Resistance at $97,530
At the beginning of February, the Bitcoin market witnessed a rapid drop, with prices retreating from $101,333 to $96,607 between February 4-5. Since February 6, Bitcoin has been trapped within the range of $97,896 and $95,791. According to technical analyst Ali Martinez, a strong resistance level exists at $97,530.
Breaking through this level could lead to a bullish momentum in the market. If Bitcoin can decisively surpass $97,530, it may trigger a strong buying wave that could elevate prices further. Conversely, failure to breach this resistance could intensify selling pressure and maintain the risk of a downturn.
The Critical Support Level of $92,110
In January, Bitcoin hit its lowest closing price of the year at $92,569. On February 3, it briefly fell to $91,238. Martinez identifies $92,110 as a weak support level; should Bitcoin drop below this, it could face significant selling pressure in the market.
Furthermore, there is a significant price gap below $90,000, which could quickly drive Bitcoin down to $70,000. Earlier this year, on January 13, Bitcoin briefly dropped to $89,305, but buyers quickly intervened, pushing the price back to $94,545.
