Critical Bitcoin Price Points That Could Trigger Major Market Moves

Crypto analysis firm MarktQuant has identified key price levels that will play a crucial role in Bitcoin’s next moves, drawing attention to both resistance and support zones that investors should watch closely.

🟠 $BTC Key Levels to Watch

For the bulls to regain control, the price must soon surpass the critical resistance at 98.4k. Failure to do so might push the market towards retesting support levels between 90k-92k, where we might find new buying interest.

At the 90k-92k support… pic.twitter.com/mvhWi108WA

— MarktQuant (@MarktQuant) November 29, 2024

One of the primary hurdles Bitcoin faces is the resistance at $98,400. This level is pivotal for maintaining the bullish trend; if Bitcoin fails to break through it, a downward correction could occur, potentially pushing the price to the $90,000-$92,000 range for testing support. As of now, Bitcoin is trading just below $98,000 at $97,500.

Should a pullback occur, MarktQuant anticipates buying interest to resurface around the $90,000-$92,000 range. This zone is particularly important for futures traders who are leveraging positions, with many setting stop-loss orders here. The firm suggests that a dip into this area could trigger a 6.5% drop in Bitcoin’s price, which might lead to liquidation events and heightened market volatility.

Additionally, MarktQuant’s analysis points out areas of heavy liquidation clusters, particularly between $94,000 and $96,000. These regions, where leveraged long positions are concentrated, are seen as key points where price movements could accelerate, attracting further volatility as Bitcoin approaches these levels.