Following Bitcoin's recent decline, crypto analyst Joao Wedson offered a comprehensive assessment. Wedson said that BTC's loss of the $89,800 level was a clear confirmation of the weakness they had previously pointed out.
According to the analyst, the price's failure to maintain key on-chain support also strengthens the likelihood of the market entering a period of extensive sideways movement. Wedson stated that theoretical scenarios must be put into practice in the market, adding that he opened a short position near the recent local high. According to the analyst, the crucial factor isn't the outcome of a single trade, but rather the fact that profits outweigh mistakes in the long run.
“Critical Level for Bitcoin is $86,500”
The levels highlighted by Wedson in his assessment also drew attention. He stated that if Bitcoin breaks below the $86,500 mark, the $80,500 level will likely be lost, potentially creating a new local bottom.
The market remains fragile at the current price level, with Bitcoin trading at $88,430. Downward pressure continues to dominate, with a 2.90% drop in the last hour and a 4.40% drop in the last 24 hours.
*This is not investment advice.
