Will Bitcoin Price Drop Below $90,000 as Key Psychological Support Fails?
Bitcoin fell below its 365-day moving average, raising concerns it could drop below $90,000 as key support levels are tested.Summary
Bitcoin recently dropped to $94,000, breaking below its 365-day moving average (near $102,000), which has historically served as the primary support for the current bull cycle. This breakdown mirrors patterns seen before the 2022 bear market, increasing downside pressure.
On-chain data shows that holders who accumulated Bitcoin between 6 and 12 months ago have a cost basis near $94,600, which is now acting as a first capitulation zone after some briefly entered unrealized losses. Historically, sustained breaks below the 365-day MA and the 6-12 month cost-basis band lead to deeper retracements.
Analysts identify three key support zones: $92,000 to $95,000 (first reaction point), $85,000 to $90,000 (standard 25%-30% mid-cycle decline), and a deeper retest at $75,000 to $82,000 if outflows worsen. The ability of Bitcoin to quickly reclaim the 365-day MA will determine if the correction remains shallow or pushes below $90,000.
(Source：BeInCrypto)