Bitcoin Price at a Crucial Juncture: Will It Surge to $93K or Plunge to $75K?

Bitcoin is presently priced near $87,000, reflecting a slight decrease in the past 24 hours and a 4% decline over the previous week (source: CoinGecko). After filling the $88,600 Fair Value Gap (FVG), it has retraced, now resting below this critical level.

Key Levels: $85K Support and $88K Resistance

Analysts are focused on $85,000 and $88,000, as the next movement could determine whether BTC rises to $93,000 or falls towards $75,000.

According to Crypto Patel, BTC is adhering to the anticipated technical trajectory. After filling the $88,600 gap, it has failed to ascend higher and trades below it. The $85,000 level is now a critical support zone. If it holds, a rise towards the $93,000 Bearish Order Block, coinciding with the 0.5 Fibonacci retracement, could occur.

Market Trend Source: Crypto Patel/X

Should BTC not maintain support above $85,000 or regain $88,000, bearish pressure could increase, leading to a drop towards the $75,000–$76,000 region. This has been identified as a potential support area with previous buying activity.

Additional chart analysis from Ali Martinez indicates a bearish flag pattern has developed, starting with a steep drop followed by an upward trending channel. The lower edge of this channel has been breached, with an estimated price target around $79,000 based on the pattern’s dimensions.

Liquidity Zones Influence Next Movements

Ted has highlighted clusters of liquidity ranging from $80,000 to $83,000 on the downside and $92,000 to $93,000 on the upside. He remarked,

“If BTC reclaims the $89,000 level, upside liquidity will be approached first,” but cautioned,
“If Bitcoin loses the $85,000 level, downside liquidity will be tapped before a rebound.”

Nevertheless, Bitcoin remains above a significant trendline that has defined its pricing structure over the past four years. Maintaining this position ensures the stability of the long-term trend.

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Glassnode noted that BTC is still below the cost basis for short-term holders but above deeper realized prices, allowing BTC to operate in a flexible zone as it could swing in either direction depending on demand or increased sell pressure.

As reported previously by CryptoPotato, large holders are accumulating more coins. Since November 11, the number of wallets containing at least 100 BTC has surged by 91. Meanwhile, the quantity of smaller wallets is decreasing, with reports of older wallets transferring coins, indicating that some long-term holders may be adjusting their exposure.