1. Summary:
Bitcoin’s price recently fell into the $95,000 range, experiencing the steepest decline since August. Despite concerns of further correction due to cautious comments from the Federal Reserve, onchain analytics suggest that Bitcoin’s evolving nature in this cycle may prevent steeper corrections. Various support zones have been identified between $99,000 and $95,000, with technical analysis indicating a fair value gap in this price range.
2. Key Insights:
– Bitcoin’s price correction has been significant, but data indicates that the worst may be over.
– Comments by the Federal Reserve chair have raised concerns about sharper drawdowns for risk assets like cryptocurrencies.
– Onchain analytics suggest that Bitcoin’s drawdown periods have become less severe as its market cap has increased.
– Various support zones have been identified between $99,000 and $95,000, indicating potential strong support levels.
– Technical analysis points towards a fair value gap and potential market reaction at the $95,000 price level.
– Traders are closely monitoring Bitcoin’s price reaction between $100,000 and $95,000 for potential trend continuation or further decline.
