Bitcoin’s brutal blunder or bounce – 90 to 98k so what?

Bitcoin has kept traders on edge with sharp moves, testing key support and resistance levels. The recent price action has followed ours Neutral strategy as discussed in the last idea – Is Bitcoin Falling in Wave 3? with Bitcoin bouncing off key support levels and then falling again. The psychological level of 90,000 is now the most critical point to watch as Bitcoin looks for its next direction.

What happened since January 10, 2025

1. Bounce from support:

   • Bitcoin fell to approx 91,200then returned to 95,799 no later than Friday 10 January.

   • At the weekend it was not possible to cross over 96,000suggests weakness.

2. Submit on January 13:

   • Bitcoin fell back to the 90800 level since the start of the Asian session today.

   • The strategy for buy near 91,378 and goals 98,500 worked well last Friday with 98K Target -it reached close to 96000 and the same chance may come again if 90,000 will be held in the next few sessions.

3. Key level at 90,000:

Jumps above 90,500 – January 10, 2025

Key levels and wave analysis

Wave pattern

• Bitcoin is probably in a correction phase which could form one wxy complex correction or abc pattern.

• A deeper drop below 90,000 could confirm the start of a stronger Wave 3 decline & Wave 2 completed at recent highs of 95868 which is suggested Wave -W if 90000-90500 zone holds as support zone which is critical (current low – 90200s)

Important levels

1. Resistance levels:

   • 96,000 – 98,300: A possible target zone for an expected bounce holding above 90000 as this is the 61.8% retracement of the decline from 102,718 to 91,200.

   • 100,000: Breaking this level could make Bitcoin bullish again.

2. Support levels:

   • 90,000-90,500: A critical zone; broken below the zone, it can lead to a sharp decline.

   • 85,000 – 75,000: Likely targets if Bitcoin falls below 90,000.

Trade Ideas

If Bitcoin jumps from 90,000

• Buy admission: Over 91,500with a stop below 90,000.

• Goal:

  1. 96,000 – 98,300

  2. 100,000

If Bitcoin falls below 90,000

• Sell ​​mail: Under 90,000with a stop above 91,500.

• Goal:

  1. 85,000

  2. 75,000

If Bitcoin stays within a range

• Shop near: 91,000goal 96,000stop below 90,000.

• Sell ​​near: 96,000 or close to 98,300goal 91,000stop above 100,000.

Bitcoin – Will It Hold 90K – January 13, 2025

What should you see next?

1. 90,000 level: This is the most important level right now. If Bitcoin stays above that, we could see another jump 96,000 – 98,300.

2. Under 90,000: If Bitcoin falls below this level, it could quickly fall 85,000 or even 75,000.

3. Short term bounce: Bitcoin may follow the pattern in the Indian markets where some relief rallies may unfold due to India’s budget next before major moves. If this happens, Bitcoin may jump in as well 96,000 – 98,300but sellers can re-enter at higher levels.

Conclusion

Bitcoin is at an inflection point. Holding 90,000 could lead to another jump 96,000 – 98,300. However, if it falls below this 90K level, we could see another big drop 85,000 or 75,000which confirms a strong bearish trend. Traders should remain alert and ready to adjust their plans for the next move.