Bitcoin’s $79,000 Support in Focus as Liquid Capital Founder Warns of Further Downside
Bitcoin’s recent decline below $82,000 has raised fresh concerns about whether the current market correction is nearing its end.
JackYi, founder of Liquid Capital, believes $79,000 is the next key support level. However, given the pace of selling over the past two days, he sees a greater possibility of Bitcoin breaking below that level before finding stability.
If $79,000 fails to hold, JackYi plans to reassess market conditions around $75,000 rather than assume it will mark the bottom.
Interestingly, despite monitoring Bitcoin’s decline from approximately $86,000, he has avoided opening short positions. His reasoning is that the broader market trend remains bullish, making patience more important than attempting to profit from every downward move.
This highlights an important distinction: a significant correction does not necessarily signal the end of a broader uptrend.
For now, $79,000 remains a critical level to watch. Whether Bitcoin stabilizes there or moves lower could provide further insight into the strength of the current market structure.
Source: Foresight News / SoSoValue
#Bitcoin #BTC #CryptoMarket $BTC
Bitcoin’s recent decline below $82,000 has raised fresh concerns about whether the current market correction is nearing its end.
JackYi, founder of Liquid Capital, believes $79,000 is the next key support level. However, given the pace of selling over the past two days, he sees a greater possibility of Bitcoin breaking below that level before finding stability.
If $79,000 fails to hold, JackYi plans to reassess market conditions around $75,000 rather than assume it will mark the bottom.
Interestingly, despite monitoring Bitcoin’s decline from approximately $86,000, he has avoided opening short positions. His reasoning is that the broader market trend remains bullish, making patience more important than attempting to profit from every downward move.
This highlights an important distinction: a significant correction does not necessarily signal the end of a broader uptrend.
For now, $79,000 remains a critical level to watch. Whether Bitcoin stabilizes there or moves lower could provide further insight into the strength of the current market structure.
Source: Foresight News / SoSoValue
#Bitcoin #BTC #CryptoMarket $BTC