After the recent heavy drops in the crypto market đ, several analysts believe Bitcoin could face even more selling pressure and possibly revisit the $80,000 level đ„.
Right now, Compass Point is recommending caution đš and suggests avoiding buying the dip until BTC can reclaim the $98,000 mark đ.
According to Decrypt, the US investment bank explained that $98,000 is not just a random resistance level â it represents the average entry price for short-term investors đ.
They pointed out that Bitcoin recently climbed to a two-month peak near $97,500 đ but couldnât break through, slipping back below $90,000 shortly after âŹïž.
Analysts say this failure to recover $98,000 strengthens concerns that BTC could enter a longer bearish phase đ».
âLast weekâs bounce was the strongest recovery since Bitcoin fell under the short-term holdersâ cost basis on October 30,â they noted.
Still, one classic feature of bear markets is a sharp sell-off after promising rallies â ïž.
Because of this, experts warn that if Bitcoin canât clear this resistance, a pullback toward $80,000 may be next đ.
If that happens, analysts say it could offer a better dip-buying opportunity đ° â but they caution that leveraged trades remain very risky âĄ. #BTC #bitcoin
