Bitcoin Price Analysis: Will BTC Break $97K Resistance or Plunge to $70K?

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In the initial days of this month, the Bitcoin market suffered a serious setback. Between February 1 and 5 alone, the market plummeted by over 5.62%. Importantly, it has not yet recovered from the aforementioned correction. In the last seven days, the BTC price has dropped by almost 1.9%. Renowned technical and on-chain analyst Ali Martinez suggests that if the Bitcoin price falls below $92,110, it could slip sharply to $70,000. Currently, the price of Bitcoin stands at $96,037.47.

Bitcoin’s Key Resistance at $97,530

Between February 4 and 5, the Bitcoin market declined sharply from $101,333.27 to $96,607.94. Since February 6, the market has remained inside the range of $97,896.66 and $95,791.74. Ali notes that there exists a strong resistance in the BTC market at the range of $97,530.

It is sensible to assume that if the market breaks above this range, it could experience a strong bullish momentum. 

Bitcoin’s Weak Support Below $92,110

It was on January 9 that Bitcoin touched its lowest yearly closing price of $92,569.92. Notably, at a point on February 3, the market slipped to a low of $91,238.24. Ali opines that there exists a weak support in the market at around $92,110. 

This implies that it is less strength for the market to resist a serious selling pressure at this level.

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Bitcoin’s Dangerous Price Gap Between $90K and $70K

Importantly, Ali warns that there is a serious price gap between $90,000 and $70,000. This means that if the BTC price falls below the $90,000 range, it could drop swiftly to $70,000. 

Notably, at a point on January 13, the Bitcoin market touched as low as $89,305,15. On that day, buyers managed to push the price to around $94,545.97 by the time of market closing. 

In conclusion, Bitcoin’s current price levels are critical. A break above $97,530 could lead to strong gains, but falling below $92,110 may cause a sharp drop. The gap between $90,000 and $70,000 adds further risk.