Bitcoin Bulls Face Severe Momentum Test at $90K

Bitcoin's (BTC) recent price action has caught the attention of a prominent crypto strategist, who warns of a potential "severe momentum blow" if the cryptocurrency fails to hold above the $90,000 level. In a recent strategy session, pseudonymous analyst Cheds shared his concerns with his 49,600 YouTube subscribers, highlighting the significance of the $90,000 support level for Bitcoin's ongoing uptrend.

Cheds believes that Bitcoin is currently trading in a sideways trend, with a well-defined resistance at $107,000 and a clear support level at $90,000. However, he emphasizes the importance of Bitcoin bulls defending the critical support area, as a breakdown below $90,000 could lead to a significant correction. In his high-confidence call, Cheds predicts that if Bitcoin loses the $90,000 level, it could plummet all the way down to the low $70,000 range, with no significant pauses along the way.

The pseudonymous analyst underscores the importance of the $90,000 level, citing classical charting principles, multiple interactions, time intervals, and price distance peak to trough. He argues that losing this level would be a severe momentum blow for Bitcoin, as it would indicate a breakdown in the cryptocurrency's strong uptrend.

At the time of writing, Bitcoin is trading at $96,231, a fractional increase on the day. As the cryptocurrency market continues to evolve, investors and traders alike will be closely monitoring Bitcoin's price action to gauge the strength of its uptrend and the potential impact of a breakdown below the critical $90,000 support level.