Bitcoin Fights Resistance, Trader Warns of $90K Pullback

Bitcoin's price has been facing significant resistance at a critical level, according to a prominent crypto trader, who warns of a potential pullback to the $90,000 range. In a recent thread on the social media platform X, Justin Bennett, a closely followed crypto analyst with over 115,000 followers, expressed his bearish stance on Bitcoin, stating that the cryptocurrency is encountering resistance at the $106,061 level on the four-hour chart and is likely to experience a correction.

Bennett advised his followers to avoid becoming bullish at resistance levels and suggested that Bitcoin could potentially drop to $98,600, followed by $91,800. He also mentioned that he is currently short on BTC. Additionally, Bennett pointed out that Bitcoin's price action appears to be correlated with the performance of the S&P 500, and that equities may correct after hitting a range high. He shared a chart illustrating the apparent correlation between BTC and the S&P 500.

While Bennett is bearish on Bitcoin in the short term, another pseudonymous trader, Pentoshi, holds a bullish outlook on the cryptocurrency. With over 850,000 followers on the same social media platform, Pentoshi believes that Bitcoin will continue to find support in the $100,000 range and could potentially reach $120,000. Pentoshi also noted that investor demand for spot Bitcoin exchange-traded funds (ETFs) remains strong, indicating bullish sentiment in the market.

At the time of writing, Bitcoin is trading at $102,549, down 2.1% in the last 24 hours. Despite the recent dip, Bitcoin's price has been relatively stable, and some traders remain optimistic about its long-term prospects.