Bitcoin traders brought back sub-$90,000 BTC price targets amid ongoing weakness after a rejection at the yearly open capped potential upside.
Market Update
Bitcoin () traders saw fresh downside at Friday’s Wall Street open as $90,000 hung in the balance.
Key points:
-
Bitcoin edges closer to $90,000 with traders lining up lower BTC price targets next.
-
Liquidity conditions favor a sweep of bids as an initial move, analysis agrees.
-
Ichimoku Cloud signals point to a potentially bigger dip to come.
BTC price bets refocus under $90,000
Data from and showed BTC/USD down nearly 2% versus Thursday’s close.
After level the day prior, Bitcoin lacked impetus for gains, and market participants were keen to see support retests further down.
“Orderbook heatmap shows thin bid side with only reasonably large buy walls at 86K and below it,” trading account Exitpump wrote in on X.
“Thinking about slowly filling the gap and resetting OI which will be healthy for the upside.”
Crypto investor and entrepreneur Ted Pillows used exchange order-book data from monitoring resource CoinGlass to flag $90,000 as an important zone.
“Bitcoin has 2 decent liquidity clusters right now. The upside liquidity is around the $94,500 level, while the downside liquidity is around the $90,000 level,” he .
“IMO, a sweep of downside liquidity before reversal makes sense.”
Pillows described current chart conditions as a “one of those ‘clean the lows then decide’ setups.”
“Ideally this doesn’t lose that ~$88K region again on the higher timeframes,” trader Daan Crypto Trades the day prior.
Bitcoin Ichimoku analysis points down
Considering potential future lows, trader Titan of Crypto employed Ichimoku Cloud analysis to bring back levels closer to $80,000.
Related:
A would-be support zone, he noted on the day, lay just below the current $83,900 local lows seen at the start of the week.
“Bitcoin $89,000 next?” he , referring to various key Ichimoku chart features.
“BTC took the previous weekly high and failed to break above the Kijun. A pullback toward the Tenkan from here makes sense. That’s the key level to watch. If it cracks, next support sits around $83.9k.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
