After bouncing 2.6% from recent lows, Bitcoin (BTC) has been attempting to turn the $82,000-$83,000 area into support. Some analysts have warned that the cryptocurrency must hold the crucial macro support levels or it will “confirm bearish acceleration.”
Bitcoin To Drop 76% From its Peak
On Thursday, Bitcoin crashed alongside the rest of the market, retracing nearly 9% in a day toward the $81,314 area. BTC had been trading between $86,000-$93,500 since early November, closing above the lower boundary of its two-month range in the weekly timeframe despite constant volatility.
At the moment, the flagship cryptocurrency has lost this key support in the daily timeframe and risks a deeper correction if the price doesn’t recover the $86,000 level before the end of the week.
As the price hovers between levels not seen since the late November correction, a market observer has warned that the leading cryptocurrency has lost its 100-week Exponential Moving Average (EMA) as sup
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