Khaberni - Bitcoin experienced a painful and sudden hit in early Friday trading, transforming the correction wave into a "total collapse".
The famous digital currency lost about $7,000 of its value in a few hours, breaking the $90,000 barrier without any significant resistance, as prices turned to test the mid-eighties areas amid a total absence of buyers.
By the numbers: $85,621.1 is the current price of Bitcoin, in a dramatic collapse with a -7.41% loss of $6,848.6 in a single session.
This price represents a blatant and violent break of the support levels at $90,000, with the current trading price near the lowest level on Friday at $85,459.2, reflecting a state of "panic selling".
Market movement analysis shows the daily range of $85,459.2 - $87,460.0 that the entire session revolves in "very low" areas compared to previous days.
Even the daily peak at $87,460 was far from the $90,000 level, indicating that the market opened with a downward gap or immediate selling pressure.
The current trading at 06:19:12 AM at $85,621.1, just steps away from the daily low, indicates widespread activation of "Stop-Loss" orders that were positioned under $90,000, accelerating the decline in this sharp manner.
"Bulls capitulation" is how digital market analysts describe what is happening as "bulls capitulation".
They point out that: "Breaking the $90,000 level with such ease and speed has opened the door for panic selling.
The market is now in a state of searching for a bottom, and it seems that investors prefer to exit at any price for fear of the collapse continuing towards $80,000".
Support: The daily low at $85,459.2 is expected to represent an immediate test area.
If this level is broken, the next psychological support lies at $85,000, followed by a stronger technical support level around $82,000.
Resistance: On the other hand, the $90,000 level has now become an "iron ceiling" and distant resistance. Any attempt to rebound will face a "wall" of sellers eager to exit at levels of $87 or $88 thousand.
The outlook is highly negative, and extreme caution is paramount.
