Experts Warn of Possible 10-15% Bitcoin Price Drop After Resistance Failure

The price of the first cryptocurrency may experience a correction of 10-15% following a failed attempt to break through resistance at $89,000, along with the stochastic RSI entering overbought territory. This scenario was suggested by a trader known as Roman_Trading.

*“Such an outcome would be reasonable given the downward momentum of the S&P 500,”* he explained.

Trader Daan Crypto Trades pointed out the unsuccessful attempt by Bitcoin to surpass the 200-day moving average and diagonal resistance from below.

*“The excitement won’t begin until we see several daily closes above the previous range low at $90,000. It’s crucial to keep the price above $85,000,”* the expert commented.

Trader Kas Abbe believes that a reversal has already taken place. He argues that the current rebound is not a «bull trap» due to the accumulation of coins by whales, the emergence of a Coinbase premium, and macroeconomic factors.

*“The $74,000-$75,000 zone was the bottom for Bitcoin. Most altcoins have already reached their lows. We could witness a sustained rally,”* he added.

As a reminder, CryptoQuant reported a surge in open interest for perpetual contracts on digital gold, which has historically been accompanied by accelerated positive dynamics.

Previously, BitMEX co-founder Arthur Hayes predicted that the value of the first cryptocurrency could exceed $100,000 due to the U.S. Treasury’s buyback of treasury bonds.