While the leading cryptocurrency Bitcoin (BTC) fell to $ 88,000 with a sharp decline, the risk of further decline continues.
At this point, analysts state that Bitcoin could test the next support levels, with one analyst stating that the price could drop to $81,600.
Galaxy Digital research president Alex Thorn announced the critical levels for Bitcoin in his post from the X account.
Thorn, who used the URPD indicator in this analysis, which shows the amount and price at which Bitcoin was purchased, stated that there was almost no transaction in BTC between $ 75,000 and $ 85,000.
According to the analyst, Bitcoin quickly broke through this range during its rally following Donald Trump’s victory in November of last year. Therefore, there is a possibility that Bitcoin will test this range in its current downtrend.
Thorn also noted that Bitcoin’s 200-day moving average (MA) is $81,600, adding that he expects $81,600 to be a good support in case the $75,000-$85,000 range is tested again.
“The Bitcoin URPD indicator shows almost no trading between $75,000 and $85,000. This is because the BTC price quickly broke out of this range last November and may test this area.
“Also, the 200-day moving average (MA) is at $81,600, which could potentially support the price if this range is retested.”
*This is not investment advice.
