Bitcoin bulls have one price level to defend
Here’s the level analysts are watching and what a break below it could mean for the bulls.
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Summary
- Bitcoin’s pullback from above $87,400 has put the $82,000 support level in focus, with analysts warning that a break could send the cryptocurrency into the high $70,000s.
- Holding the roughly $81,500-to-$83,000 zone could preserve bitcoin’s bullish momentum and support a move above $90,000, with some analysts forecasting a rally to $100,000.
- Rising Treasury yields, sustained outflows from spot bitcoin exchange-traded funds and upcoming inflation data could determine whether the rally resumes or a deeper correction takes hold.
