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Bitcoin Threatens Break of This Key Support Area – How Low Could the BTC Price Go?

Bitcoin’s price has fallen by 4.5% to $29,000, its worst one-day performance since 9 March, due to a huge sell order on Binance and hotter-than-expected UK inflation, according to analysts. The bitcoin market has not seen significant liquidations of leveraged long positions, although a break below key support levels could trigger a quick drop to $28,000. If this level was also breached, the cryptocurrency could drop as far as $25,200-400. However, bitcoin’s on-chain indicators are strong, suggesting it is in the early stages of a new bull market, and the macro backdrop could become more supportive in 2023. For now, bitcoin options markets remain tilted towards further upside rather than downside.

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