On April 25, Bitcoin price (BTC) continue to trade below a key resistance level, amid a new forecast suggesting that the leading cryptocurrency could fall below the $90,000 mark.
Experts' Opinion: The BTC price correction is a "completely normal" development
According to data from TradingView, the BTC/USD pair has returned to test the support level of $92,000 in last night's trading session, marking a technical pullback after an impressive rally.
Despite this, Bitcoin has remained firmly in the highest price zone for the past six weeks, as global markets continue to flounder in the context of escalating US trade tensions.
"The market rose more than 1% on a day without any clear news," commented the analysis site The Kobeissi Letter, attaching a chart of the S&P 500 in its latest analysis on platform X.
"As we have seen many times this year, there is a feeling that the market is reacting to something that has not yet been announced. We expect positive information to emerge soon."
S&P 500 chart 4-hour | Source: TradingViewWhile the stock market is constantly fluctuating with the news, Bitcoin seems to maintain an astonishing calm. At the same time, gold prices are trying to regain momentum after the slide from the historic peak earlier this week.
"After a strong breakout, it is completely reasonable for Bitcoin to make a slight adjustment at this time," analyst Michaël van de Poppe shared on X.
"The buyers are likely to return soon, pushing BTC to continue its journey conquering new heights."
BTC/USDT chart on the 12-hour timeframe | Source: Michaël van de Poppe/X Many traders are gradually leaning towards the scenario that Bitcoin will undergo a deep correction after the recent strong growth — a scenario that could push the price back below the $90,000 mark.
"A drop to $88,000 would be truly ideal," famous analyst Inmortal shared his opinion.
From the same perspective, technical analyst Rekt Capital also warned that Bitcoin may need to retest the important support zone.
He notices that the current price action of BTC has many notable similarities to the mid-cycle bullish phase of 2021.
"The fact that Bitcoin continues to replicate the price pattern from mid-2021, especially in relation to the (EMA) exponential moving averages in an uptrend, opens up the possibility that the price will correct to the $87,000 (green EMA) region for a retest after breaking – if truly necessary," he remarked, based on the weekly chart with two distinct EMA lines.
"The next development will depend heavily on whether the weekly candle can close above or below the $93,500 level."
! BTC/USD weekly chart | Source: Rekt Capital/X## Bulls aim to liquidate short positions using leverage
Currently, the key target of the bulls is still to conquer the opening price level of the year – which is just above the $93,000 threshold – that is acting as a strong resistance zone at the time of writing.
Notably, this area also coincides with a large leverage liquidation cluster on the order books of exchanges, setting the stage for the potential occurrence of a "short squeeze" if the price can decisively break through this area.
According to the latest data from the market tracking platform CoinGlass, the concentration of leveraged liquidation orders is densely focused around the $93,600 mark – indicating that this could be the next major pressure point on the price chart.
Previously, Bitcoin Magazine reported on a mysterious trading whale, referred to by the community as "Spoofy the Whale," who unexpectedly pulled a significant "sell wall" at $90,000 – a move that drew further attention from the market.
BTC liquidation leverage data | Source: CoinGlassDisclaimer:This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions
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Bitcoin is at a crossroads: Short squeeze or a fall to $87,000?
On April 25, Bitcoin price (BTC) continue to trade below a key resistance level, amid a new forecast suggesting that the leading cryptocurrency could fall below the $90,000 mark.
Experts' Opinion: The BTC price correction is a "completely normal" development
According to data from TradingView, the BTC/USD pair has returned to test the support level of $92,000 in last night's trading session, marking a technical pullback after an impressive rally.
Despite this, Bitcoin has remained firmly in the highest price zone for the past six weeks, as global markets continue to flounder in the context of escalating US trade tensions.
"The market rose more than 1% on a day without any clear news," commented the analysis site The Kobeissi Letter, attaching a chart of the S&P 500 in its latest analysis on platform X.
"As we have seen many times this year, there is a feeling that the market is reacting to something that has not yet been announced. We expect positive information to emerge soon."
"After a strong breakout, it is completely reasonable for Bitcoin to make a slight adjustment at this time," analyst Michaël van de Poppe shared on X.
"The buyers are likely to return soon, pushing BTC to continue its journey conquering new heights."
"A drop to $88,000 would be truly ideal," famous analyst Inmortal shared his opinion.
From the same perspective, technical analyst Rekt Capital also warned that Bitcoin may need to retest the important support zone.
He notices that the current price action of BTC has many notable similarities to the mid-cycle bullish phase of 2021.
"The fact that Bitcoin continues to replicate the price pattern from mid-2021, especially in relation to the (EMA) exponential moving averages in an uptrend, opens up the possibility that the price will correct to the $87,000 (green EMA) region for a retest after breaking – if truly necessary," he remarked, based on the weekly chart with two distinct EMA lines.
"The next development will depend heavily on whether the weekly candle can close above or below the $93,500 level."
! BTC/USD weekly chart | Source: Rekt Capital/X## Bulls aim to liquidate short positions using leverage
Currently, the key target of the bulls is still to conquer the opening price level of the year – which is just above the $93,000 threshold – that is acting as a strong resistance zone at the time of writing.
Notably, this area also coincides with a large leverage liquidation cluster on the order books of exchanges, setting the stage for the potential occurrence of a "short squeeze" if the price can decisively break through this area.
According to the latest data from the market tracking platform CoinGlass, the concentration of leveraged liquidation orders is densely focused around the $93,600 mark – indicating that this could be the next major pressure point on the price chart.
Previously, Bitcoin Magazine reported on a mysterious trading whale, referred to by the community as "Spoofy the Whale," who unexpectedly pulled a significant "sell wall" at $90,000 – a move that drew further attention from the market.
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