Bitcoin at Critical Support Level: Is Another Drop on the Horizon?
Bitcoin at Critical Support Level: Is Another Drop on the Horizon?
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As I previously forecast, Bitcoin has breached its support lines and moved into the 86,300 to 85,140 USD support zone, achieving the full objective along this path.
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Currently, Bitcoin (BINANCE:BTCUSDT) is hovering near the support zone, and we will see whether it breaks below it or rebounds.
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Before diving into the analysis, note that Bitcoin has a strong correlation with the S&P 500 (S&P 500). With the S&P 500 currently in a downtrend, Bitcoin is likely to experience further declines.
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View from the Elliott Wave Perspective
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From an Elliott Wave perspective, it appears Bitcoin is starting a new five-wave downward cycle after breaking its support lines, which could lead to even lower levels.
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Recent Developments and Market Pressures
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One reason for the price decline is selling pressure from long-term holders, applying a gradual yet noticeable downward pressure toward the support levels. Additionally, the state of US markets and the downtrend in the S&P 500 add further downside pressure on Bitcoin.
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Near-Term Scenarios and Key Targets
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In summary, I expect Bitcoin to encounter resistance in the 89,230 to 87,720 USD range, and when it touches the resistance lines, it will likely resume the downswing and return to the 86,300 to 85,140 USD support zone. If this support breaks, it could move toward a long cumulative liquidation zone 85,300–83,000 USD.
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- Cumulative Long Liquidation Leverage: 85,300–83,000 USD
- Cumulative Short Liquidation Leverage: 89,000–88,500 USD
- Cumulative Short Liquidation Leverage: 91,830–90,000 USD
- Cumulative Short Liquidation Leverage: 98,400–97,000 USD
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Note: If Bitcoin decisively breaches below 83,000 USD, it could move toward lower levels around 80,000 USD.
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Do you think Bitcoin can pass through the 86,300 to 85,140 support zone?
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First target: 85,540 USD • Second target: 84,229 USD • Stop Loss (SL): 90,429 USD (highest risk point)
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Market opening times may change the exact levels.
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💡 Please respect each other’s views and politely share agreement or disagreement.
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📌Bitcoin Analysis (BTCUSDT), 4-hour
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🛑 For every position, always set a Stop Loss (SL).
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✅ This is just my view; I look forward to your perspectives as well!
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Frequently Asked Questions (FAQ)
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Based on the article analysis, in which support area does Bitcoin stand and what is the main message in this range?
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The text states that Bitcoin has crossed support lines and reached the support zone of 86,300 to 85,140 USD. If this zone is broken, it could move toward 85,300–83,000 USD; otherwise, as it approaches the resistance zone of 89,230 to 87,720 USD, downward pressure is expected to resume and Bitcoin may return to the support zone.
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Considering the Elliott Wave approach in the article, what short-term trend is predicted for BTC?
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From the perspective of Elliott waves, it appears that Bitcoin is starting a new five-wave downward cycle after breaking the support lines, which could reach lower levels.
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What factors are intensifying the downside pressure on Bitcoin?
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Selling pressure from long-term holders that gradually but significantly pushes the price lower, and also the state of the U.S. markets and the downward trend of the S&P 500 index, which intensifies the downside pressure on BTC.
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What are the future scenarios and key targets for BTC in this analysis?
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Possible move of BTC toward the resistance 89,230–87,720 and hitting it, then returning to the support boundary 86,300–85,140. If this support breaks, it may move toward 85,300–83,000. Also the provided target points are: first target 85,540 USD, second target 84,229 USD. For risk management, Stop Loss (SL) of 90,429 USD is recommended.
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What are the cumulative liquidation levels mentioned in the analysis?
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The analysis refers to four liquidation levels: 85,300–83,000 USD for a long liquidation and 89,000–88,500 USD, 91,830–90,000 USD, and 98,400–97,000 USD for short liquidations.
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What is an important risk management point in this analysis?
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The text emphasizes that for every position, you must set a Stop Loss. An example of a risk level given is a Stop Loss of 90,429 USD to ensure risk management is consistently followed.
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