Bitcoin price will likely need to find its support level soon given the current blood bath in the crypto sector.
Analyst Ali Martinez on X said that the MVRV Price Bands indicate that $92,180 is currently one of the most important support levels for Bitcoin. However, if this level is breached, the next goal is $74,400.
The prediction comes at a time when the OG cryptocurrency is down 3.51%, trading at $95,286.27.
Why is Crypto Market Falling?
Since FTX’s demise, the cryptocurrency market has experienced its most severe wave of liquidations, wiping away approximately $273 billion in a single day.
US President Donald Trump’s unexpected declaration of broad tariffs on imports from China, Canada, and Mexico has likely set off this unrest.
Global financial markets were rocked by the policy change, which caused cryptocurrencies to sharply decline and US stock futures to drop.
Investors are becoming more and more worried that protracted high interest rates and rising trade tensions may cause economic instability for some time to come, which would cause aggressive sell-offs in both traditional and digital asset markets.
Also Read: Bitwise CIO Matt Hougan Sees Bitcoin’s Traditional Cycle End, Says “2025 May See Strong Gains”
Bitcoin Market Indicator Turn Bearish
Market indicators for Bitcoin have taken a completely different route, turning bearish due to the current sell-off.
The turn comes when just the previous week, most of Bitcoin’s market technical indicators dictated a bullish sentiment.
At the press time, the sentiment is bearish and the Fear & Greed Index is at 44 (Fear).
Over the past 30 days, Bitcoin’s price volatility was 3.96%, with 15 out of 30 (50%) days being green. Twelve technical analysis indicators indicate positive signals, while eighteen indicate bearish signals, indicating a generally bearish sentiment toward the price of Bitcoin.
An indicator that is widely used to determine if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The Bitcoin market is currently in a neutral position, as shown by the RSI figure of 43.03.
Can Bitcoin Price Rebound in The Future?
Though the current market points at bearish sentiments, a change in regulatory standpoint and acceptance from other nations can likely push Bitcoin prices up.
Additionally, as more big businesses and financial organizations include Bitcoin in their holdings, institutional acceptance will grow and boost the cryptocurrency’s legitimacy.
Also, Bitcoin is positioned as a possible hedge against conventional fiat currencies due to inflation worries and its restricted supply. Thefore resilence in economies can likely push Bitcoin higher in the coming days.
Bitcoin’s usability may also be enhanced by developments in blockchain technology, such as the Lightning Network, which could increase scalability and transaction speed. Furthermore, increased regulatory clarity and global government acceptability would promote wider involvement.
Also Read: North Dakota Moves to Protect Bitcoin Mining, Self-Custody, P2P Rights With Recent Proposed Bill