BCGAME - Free 5BTC Daily Bonus!O Bitcoin issued a bullish signal after the sharp market decline that began yesterday, January 7th. The Bitcoin price today has fallen sharply by almost 6% amid a broad retraction in the cryptocurrency market. Yesterday, the asset surprised by starting a significant upward movement, trading above the $100 mark. However, the asset did not sustain its upward movement and has fallen sharply over the last 24 hours.
The cryptocurrency market faced a sharp correction yesterday after Bitcoin unexpectedly dropped below $100. Market data revealed that over $206 million worth of cryptocurrency positions were liquidated in just one hour, reflecting the impact of the market drop.
Amid the current scenario, renowned cryptocurrency analyst Ali Martinez has revealed a crucial level for the asset’s price recovery. Sharing a chart of the cryptocurrency, the trading expert suggested a major recovery for BTC. According to the analysis, the expected price increase will depend on whether Bitcoin manages to hold the $93.500 level as support, which is a crucial zone for defining the asset’s next moves.
“TD Sequential presents a buy signal on the 4-hour chart of Bitcoin $BTC , anticipating a price recovery. But it will all depend on whether #BTC can hold $93.500 as support!”, wrote.
In one analysis In a previous report shared on Jan. 7, analyst Ali Martinez warned that a break below the $97 level could pave the way for a steeper drop to $92. “The TD Sequential indicator flashes a buy signal on the hourly Bitcoin $BTC chart, just above the setup trendline and the 200-hour MA near $97.000. If this support holds, BTC could bounce back. A break below $97.000, however, could open the door for a drop to $92.000,” he wrote.
At the time of publication, the price of Bitcoin was quoted at US$95.188,45, down 5.6% in the last 24 hours.
