Bitcoin Plunges Below $96K Support, Erasing 2025 Gains Amid Extreme Bearish Sentiment

Bitcoin has experienced a significant downturn, closing the week at $94,290, which is below the critical $96,000 weekly support level, effectively erasing all gains made in 2025. This drop confirms extreme bearish sentiment, with analysts expecting further downside. Key support levels are now identified at the 0.382 Fibonacci Retracement near $83,000–$84,000, followed by the 2024 consolidation zone between $69,000 and $72,000. Resistance is thick, starting at $98,000, with a major zone between $106,000 and $109,000 acting as a significant barrier. The outlook for the immediate week is highly bearish; while a broadening wedge pattern offers a slight possibility of support, a breakdown is more likely, potentially leading to new lows. Furthermore, the analysis suggests that the 4-year cycle high has likely already occurred, making a sustained rally to new highs before the end of 2025 highly improbable.

(Source：Bitcoin Magazine)