Bitcoin News Today: Bitcoin Must Hold Above $98,300 to Avoid 17% Drop, Analysts Warn

Bitcoin’s price action has intensified scrutiny over critical support levels, with experts warning that a sustained close below $98,000 could trigger a bearish breakdown. Analysts at B2binpay, cited in a recent report, emphasize that the cryptocurrency must hold above this threshold to maintain its bullish trajectory. While Bitcoin briefly dipped below $115,000 on July 25, triggering liquidations, it rebounded to near $118,000 within 24 hours, reflecting the resilience of its multi-week uptrend. However, the failure to breach $120,000—reached on July 14—has sparked concerns over waning momentum.

The B2binpay team argues that Bitcoin is entering a pivotal consolidation phase between $115,365 and $111,945, a range they describe as a potential catalyst for renewed upward movement. “The price remains within a bullish trend and will continue to do so unless bitcoin breaks below and starts trading under $98,300,” the analysts stated. This level acts as a critical psychological and structural barrier, with a breakdown likely to invite algorithmic selling and stop-loss orders. A further decline to $89,500–$85,400 would require a sharp 17% correction, which analysts deem unlikely given current market conditions.

Technical indicators highlight mixed signals about Bitcoin’s near-term direction. The Relative Strength Index (RSI) recently dipped below 50, signaling weakening bullish momentum, though it remains above oversold territory. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram has shown declining positive divergence, suggesting a loss of energy in recent gains. These metrics underscore the market’s fragile balance between bearish pressures and lingering bullish expectations.

The analysts caution that a breakout above $123,236—Bitcoin’s recent high—could pave the way for a test of $127,700. Conversely, a sustained move below $98,300 would invalidate key support levels, potentially accelerating a downward trend. “The next major support zone lies between $89,500 and $85,400,” they noted, though such a scenario requires a significant shift in market sentiment.

Market observers highlight the role of macroeconomic factors, including interest rate decisions and global risk appetite, in shaping Bitcoin’s trajectory. While forecasts suggest a potential test of the $98,000 level, actual price movements will depend on real-time dynamics, such as on-chain activity and institutional flows. Investors are advised to monitor volume patterns and technical levels as part of a risk management strategy.

Source: [1] [Bitcoin Must Stay Above $98K to Avoid Bearish Breakdown, Experts Say] [https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=bitcoin-must-stay-above-98k-to-avoid-bearish-breakdown-experts-say] [2] [A bounce off the trendline would take Bitcoin back up ...] [https://www.facebook.com/groups/236236064990898/posts/1173****97955512/]