BTC Price Analysis: Sharp Drop Ahead or Reversal Incoming?

Bitcoin (BTC/USD) Technical Analysis

Bitcoin is currently trading at $93,878, up +9.12% on the day. The chart highlights a Supply Zone between approximately $94,000 - $101,000, where price previously faced strong selling pressure. BTC recently tested this zone and saw a sharp rejection, leading to a significant drop.

A bearish breakdown has set up a potential move towards the Target Area around $73,500 - $73,200, aligning with prior support levels. If selling momentum continues, BTC could test this key demand area.
However, a strong reclaim of the supply zone could invalidate this bearish outlook.

Key Levels:
- Resistance (Supply Zone): $94,000 - $101,000
- Support (Target Area): $73,500 - $73,200
- Current Price: $93,878

Traders should watch for price action near the supply zone for potential rejection or breakout confirmation.

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