Bitcoin Eyes $97,000-$99,000 As Key Support Zone If Price Decline Persists - Analyst

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Bitcoin prices fell by over 3% in the past week as the broader crypto market suffers from a general price correction influenced by macroeconomic pressure. Notably, the premier cryptocurrency now trades above $104,000 representing an estimated 7% decline from its new all-time high at $111,970. Amidst what may yet be a mere correction, market analyst Daan Crypto has highlighted a support zone with strong potentials to halt any further price decline

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$97,000-$99,000 Emerges As Key BTC Price Level

In a brief X post on May 31, Daan Crypto has shared a cautious outlook on Bitcoin amidst an ongoing price correction. The analyst notes that if the retracement persists into June, Bitcoin is likely to fall to around $97,000 -$99,000 at which it may find a credible market resistance.

Daan Crypto’s selection of this price range as the next major support level for Bitcoin stems from a confluence of technical indicators. As seen in the chart below, the $97,000-$99,000 price region represents the mid range of Bitcoin trading channel between $90,845 and $108,386, alongside hosting the 200-day moving average and the 0.382 Fibonacci retracement level.

Source: @DaanCrypto on XThe mid-range in a trading channel usually serves as a key level of support or resistance, depending on where the price is relative to it. Amidst Bitcoin’s price correction, the current mid-range at $97,000-$99,000 represents the next major price floor for the premier cryptocurrency — a decisive price fall below which would signal a bearish price trend.

Meanwhile, the 0.382 Fibonacci retracement level represents a healthy market correction zone meaning prices generally pull back to this area before resuming the initial trend. In addition, the 200 day MA is a long-term indicator averaging the market closing price over the past 200 days. It also functions as a support level during bullish trends acting as a common retest level before price continues an uptrend.

Generally, all three indicators suggest the $97,000-$99,000 would act as a sound technical support zone should Bitcoin price dip any further. However, the loss of the support zone would threaten Bitcoin’s bullish potential with the next support level set around $94,000.

Related Reading: Dogecoin Technical Analysis Reveals What Could Happen To Price From Here## Bitcoin Price Overview

At press time, Bitcoin trades at $104,650 reflecting a slight price gain of 0.14% in the past day. The premier cryptocurrency also reports a monthly gain of 7.21% indicating that the majority of new market entrants remain in profits. However, the weekly decline of 2.86% suggests there is need for a resurgence in market demand to halt a creeping bearish sentiment investment.

BTC trading at $104,632 on the daily chart | Source: BTCUSDT chart on Tradingview.comFeatured image from Pexels, chart from Tradingview 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.