Bitcoin, if 'here' breaks, the $90,000 dream shatters...how far will it fall?

▲ Bitcoin (BTC)/AI generated image

Bitcoin (BTC) has entered a critical juncture, gauging its direction around the key weekly support level of $76,500. Analysis suggests that if this price level is maintained, there is potential for a re-challenge of the $96,000 range.

According to U.Today on April 28 (local time), Bitcoin's price faced a significant technical test earlier this week, approaching the middle band of the Bollinger Bands on the TradingView weekly chart. Following a recent upward trend, the price is currently moving around $76,359, down approximately 3% from the start of the week.

The key indicator currently attracting market attention is the Bollinger Bands middle band, which consists of the 20-period Simple Moving Average. This level is approximately $76,479, and if the weekly candle closes above this price, the technical retest could be considered successful. In this scenario, the next target range is suggested to be around $95,500, where the upper band is located.

Despite the short-term decline, this correction is largely interpreted as a test to continue the upward trend. The assessment is that the market is not in a sharp decline but rather building a foundation for the next rally.

However, external variables are acting as factors limiting the active inflow of buying power. Rising tensions around the Strait of Hormuz have pushed Brent crude oil prices above $100 per barrel, reigniting inflation concerns. Consequently, some investors are observed moving towards defensive assets.

As long as Bitcoin maintains above $76,500, the $96,600 target remains valid. Conversely, if this level collapses, market attention will shift to the support level around $72,000, raising the possibility that the correction phase could extend into May.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*