BTC price prediction: Bitcoin’s major safety net just snapped. Why a drop below $85,000 might risk more selloff
CoinDesk
Bitcoin broke below its crucial 100-week moving average support around $85,000, suggesting a potential further drop toward $75,000.Summary
Bitcoin has crashed below its 100-week simple moving average (SMA), a key support level that had consistently held since November, signaling that sellers have overpowered buyers around the $85,000 mark. This breakdown establishes a potential path lower, with technical analysis pointing to $75,000 as the next significant support level, based on where buyers emerged last April. Further down, the 200-week average sits at $58,000. Conversely, the bearish outlook could be reversed if Bitcoin reclaims the $95,000 level, where selling pressure had previously been strong in December and early this month. The article also includes unrelated updates on Pudgy Penguins and XRP price movements.
(Source：CoinDesk)