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bitcoin

Bitcoin At Risk Of Sharp Decline To $83,444 If This Support Level Crumbles, Analyst Says

Ash Tiwari
by Ash Tiwari
1 week ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As Bitcoin (BTC) continues to trade in the mid-$90,000 range, noted crypto analyst Ali Martinez has cautioned that losing a critical support level could send the top cryptocurrency plunging to as low as $83,444.

Bitcoin Must Hold This Support Level For Further Upside

In an X post published today, Martinez highlighted that BTC must hold the ‘most critical’ support level at $93,198. Failure to defend this price level may lead to a sharp decline in the digital asset’s price, potentially sending it down to $83,444.

ali1
Source: ali_charts on X
Related Reading: Bitcoin Open Interest Approaches Key Breakout Zone Seen In Prior Bull Markets – Details

Martinez also highlighted a concerning drop in the number of wallets holding one or more BTC, which has fallen by 3,400 over the last two months. This trend suggests that many investors may be taking profits at current price levels, rather than accumulating further.

ali2
Source: ali_charts on X

Adding to the bearish outlook, Martinez shared another chart showing that Bitcoin whales – wallets with large holdings – have offloaded nearly 50,000 BTC in the past ten days. Such behavior often precedes short-term price corrections or a period of sideways consolidation.

ali
Source: ali_charts on X

Meanwhile, Bitcoin’s recent price action remains indecisive. According to a separate analysis by crypto trader Ash Crypto, BTC currently has two unfilled Chicago Mercantile Exchange (CME) futures gaps – one between $96,440 and $97,680 on the upside, and another between $91,360 and $92,520 on the downside.

ash
BTC has formed two CME gaps | Source: Ash Crypto on X

Ash suggested it is “highly likely” that BTC will move lower to fill the downside gap first. Once that happens, the analyst believes Bitcoin could rebound strongly, potentially pushing past the $100,000 mark later this month.

Offering a more optimistic perspective, analyst Ted noted that BTC is currently in the Wyckoff accumulation phase. The seasoned crypto analyst stated:

Currently, BTC is at a very crucial resistance level which means it could see some consolidation. I think it’s highly likely that BTC retests the $92K-$92K level before the next leg up.

ted
BTC appears to be in Wyckoff accumulation phase | Source: Ted on X

All Eyes On Tomorrow’s FOMC Meeting

Traders and investors will be closely watching the upcoming Federal Open Market Committee (FOMC) meeting. While the US Federal Reserve (Fed) is widely expected to hold interest rates steady, Fed Chair Jerome Powell’s comments could significantly impact risk assets like Bitcoin.

Related Reading: Bitcoin Nears Golden Cross As MVRV Ratio Builds Momentum – Is A Breakout Coming?

Despite technical indicators suggesting some underlying weakness in the crypto market, on-chain metrics show signs of a looming supply squeeze, as exchange reserves continue to decline. At press time, Bitcoin is trading at $94,706, up 0.8% over the past 24 hours.

bitcoin
BTC trades at $94,706 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, charts from X and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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