Bitcoin Faces Potential Fall to $90K
Bitcoin (BTC) bulls are currently navigating a precarious market landscape, with potential retracement risks looming around the $90,000 mark. Despite a brief rally that saw Bitcoin (BTC) reclaim the $100,000 threshold after U.S. President Donald Trump momentarily halted tariffs on Canada and Mexico, subsequent geopolitical developments have exerted downward pressure on Bitcoin’s price.
Analyst Mark Cullen has identified the 38.2% Fibonacci retracement level at $98,000 as a likely spot for a shallow retrace and continuation. He also noted a "bullish order block and the golden zone" around $95,000, which could be pivotal if Bitcoin aims to shake out late longs.
Impact of Global Trade Tensions on Bitcoin
The market's brief relief was overturned as China announced retaliatory tariffs on U.S. products, including significant tariffs on coal, liquefied natural gas, and additional tariffs on crude oil and agricultural machinery. This development sent Bitcoin’s price spiraling down to $98,000, dampening the renewed bullish sentiment in the crypto market.
Critical Bitcoin Price Levels to Monitor
As the market continues to react to the unfolding trade wars, several key price levels have come into focus:
Immediate Support Levels: According to trader George in a recent post, the optimal trade entry (OTE) area lies between $93,000 and $95,000, contingent on the support levels holding firm.
Fibonacci Retracement Levels: Analyst Mark Cullen has identified the 38.2% Fibonacci retracement level at $98,000 as a likely spot for a shallow retrace and continuation. He also noted a "bullish order block and the golden zone" around $95,000, which could be pivotal if Bitcoin aims to shake out late longs.