Bitcoin – Key Levels Drifting Out of Reach

Bitcoin – Key Levels Drifting Out of Reach

It’s not just the global equity markets showing weakness right now – crypto is also feeling the pressure. With prices moving lower, the $70,000 level is emerging as the next major support to watch.

Just recently, targets like $92,000 and even $100,000 were discussed in bullish scenarios. But for now, those levels seem further out of reach as Bitcoin’s trend has clearly shifted downward.

From a technical perspective, the $85,000 area stands out as a key zone. As long as BTC remains below that mark, sellers are likely to stay in control. Only a sustainable breakout above $85,000 would start to neutralize the bearish momentum and bring higher targets like $92,000 and $100,000 back into view.

Until then, caution is advised on the long side – and any sign of a shift in sentiment should be monitored closely.

Disclaimer:

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

There are risks involved with trading of cash equities. Past performance is not indicative of future results. You should consider whether you can tolerate such losses before trading. Please read the full Risk Disclosure (https://www.jfdbrokers.com/en/legal/risk-disclosure).

Copyright 2024 JFD Group Ltd.