Bitcoin Price Tests Key Support Levels

Bitcoin's price continues to fluctuate around critical support levels, currently testing the $92,000 mark, a pivotal range for maintaining its bullish structure. Analysts warn that a drop below this level could trigger increased selling pressure, potentially leading to a correction towards the $80,000 support zone. On-chain data indicates that short-term holders have an average purchase price of $86,800, suggesting they may hold firm despite recent volatility. As traders eye the critical resistance between $95,090 and $99,800, the outcome of this price action could significantly influence market confidence and future movements. While some market participants remain bullish, predicting potential highs of $120,000 in 2025, concerns linger about the sustainability of these gains given the current uncertainty. Overall, the market is poised for a decisive move as it navigates these key psychological and technical levels.