Bitcoin’s Price Decline

While the leading cryptocurrency Bitcoin (BTC) fell to $88,000 following a sharp decline, the risk of further drop persists.

Analysts suggest that Bitcoin could test its next support levels, with one analyst predicting a potential drop to $81,600. Galaxy Digital research president Alex Thorn detailed critical levels for Bitcoin in a recent post on X.

Thorn, utilizing the URPD indicator—which indicates the amount and price at which Bitcoin was purchased—pointed out that there have been almost no transactions in BTC between $75,000 and $85,000.

He noted that Bitcoin swiftly broke through this range during its rally after Donald Trump’s victory last November. Thus, it’s possible that Bitcoin may revisit this range during its current downtrend.

Additionally, Thorn highlighted that Bitcoin’s 200-day moving average (MA) is at $81,600, indicating that this could serve as solid support if the $75,000-$85,000 range is revisited.

> “The Bitcoin URPD indicator shows almost no trading between $75,000 and $85,000. This is due to the BTC price rapidly breaking out of this range last November and may retest this area.
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> “Furthermore, the 200-day moving average (MA) is at $81,600, a potential support level if this range is tested again.”

*This is not investment advice.