CryptoOnchain
Bitcoin Breaches $90k Support, Eyes on a Critical Retest of the $70k-$73k Zone
Bitcoin has decisively broken its crucial $90,000 support, initiating a new corrective phase. Technical analysis, leveraging Binance's spot trading volume, alongside key on-chain metrics, points towards a potential drop to the robust $70,000-$73,000 support zone. While a short-term consolidation may occur, this lower area represents a critical battleground for the continuation of the bull market. Volume Profile & Short-Term Outlook The Volume Profile indicator, derived from Binance's spot volume, reveals a new trading range is being established between $70k and $90k. The Point of Control (POC), where the highest volume has been traded, now sits at approximately $83,000. This level is expected to act as a price magnet, likely leading to a period of range-bound trading as the market seeks equilibrium. This suggests a temporary pause in the downtrend. The Main Target: Confluence at $70k-$73k The most significant level to watch is the $70k-$73k area. This zone is not just a major technical support level for the current cycle; its importance is strongly reinforced by on-chain data. Specifically, this price range aligns with the Realized Price of the whale cohort holding between 100 and 1,000 BTC. Their average acquisition cost is currently around $71,000. Historically, when the spot price approaches the cost basis of significant investor cohorts, they tend to defend their positions, creating strong buying pressure and forming a powerful support floor. Conclusion The breach of $90k has shifted the market structure downwards. While a consolidation around the $83k POC is probable, the ultimate test for bulls will be defending the $70k-$73k confluence zone. The market's reaction at this pivotal level will likely determine Bitcoin's mid-term direction.