The recent rejection of Bitcoin has not been arbitrary; it acted precisely according to market expectations. Now, focus turns to a vital survival range between $93,000 and $97,000, a threshold that could dictate whether the bulls can stage a comeback or if further declines loom.
A recent update from Crypto Online indicated that Bitcoin encountered resistance right at the anticipated level. The micro-resistance zone, situated between $99,386 and $100,972, effectively pushed the price down, reinforcing the prevailing bearish sentiment. This latest setback has resulted in Bitcoin marking yet another lower low, intensifying the negative outlook for the short term.
According to the analysis, Bitcoin has now reached a significant support area, particularly the 50% retracement point of a larger support box near $96,000. This level is deemed critical, as the market”s reaction here could influence whether Bitcoin stabilizes or continues its downward trajectory.
Additionally, Crypto Online identified a smaller target zone based on the evolving yellow wave 5 structure. An extended projection range has also been established, spanning from $91,322 to $82,523, aligning seamlessly with the overarching Elliott Wave framework. Although not guaranteed, this projection underscores the potential path Bitcoin might take should sellers maintain dominance with no significant bullish resurgence from current support levels.
Currently, Bitcoin finds itself within a crucial decision area, specifically between $93,733 and $97,595. Defending this range is imperative, as it marks the last substantial support before deeper downside targets become a reality. A robust reaction in this zone could indicate that buyers are making a concerted effort to reclaim control following the recent wave of selling pressure.
However, should Bitcoin fail to demonstrate strength in this area, the analysis warns that the next pivotal level lies around $91,300. A decline into this territory would signal ongoing weakness and could amplify bearish momentum. The significance of this level cannot be understated, as a breach would shift the broader market”s outlook toward an extended corrective phase.
Despite the prevailing uncertainty, Crypto Online emphasizes that a concrete indication of a local bottom will only materialize if Bitcoin manages to break and sustain above $100,500. Any price movement below this threshold keeps the overall market structure in a firmly bearish state. Even if the price experiences a bounce within the current range, it should be viewed as a fleeting adjustment unless buyers can reclaim that key resistance and shift market sentiment favorably.
