The post Bitcoin May Hit $78,500 If This Critical Support Fails – Details appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) prices crashed by almost 5% in the past 48 hours, with growing global tensions following an Israeli airstrike on Iran on June 12. As financial markets reacted to this news, Bitcoin prices dipped to below $103,000 before experiencing a modest rebound to climb into the $105,000 price band. Notably, top market analyst Ali Martinez has observed that the premier cryptocurrency must maintain a particular support line to avoid a major correction based on the active trading channel. $100,000 Support Key To Bitcoin Bull Challenge In an X post on June 13, Ali Martinez shared a technical analysis of Bitcoin’s price movement. The expert reveals that BTC has stylishly maintained a range-bound movement since 2024 amidst major price surges and extended market corrections. Over the last six months, Martinez’s analysis shows that Bitcoin has largely traded between $78,500 and $110,000, establishing multiple vital support and resistance levels within this corridor. During this period, the maiden cryptocurrency has famously retested the upper boundary five times while bouncing off the lower boundary four times. Following Bitcoin’s most recent crash and the propensity for higher market volatility, especially with the potential of a full-scale war in the Middle East, Martinez warns it is critical for Bitcoin bulls to maintain a price point above the $100,000 level, which represents the next major support level in the market. The analyst explains that in line with price behavior within a set trading channel, a decisive close below the $100,000 price point strongly increases the chances for a price return to the lower boundary at $78,500. This situation presents a potential 25% price devaluation for current BTC holdings. On the other hand, maintaining price action above $100,000 keeps bullish momentum intact and raises the probability of a retest of the $110,000 resistance zone, perhaps with the…
