Bitcoin Support Levels: Analysts Eye $73k as Price Continues to Slide
Cryptocurrency investor and analyst Lark Davis has highlighted key support levels to watch in case Bitcoin's price continues to decline. According to Davis, the initial support zone is around $73,000, and if this area is lost, the next level of potential support would be approximately $67,000.
The analyst noted that market weakness may persist due to factors such as US cryptocurrency regulations and the Federal Reserve's interest rate hike. Davis emphasized that he is closely monitoring whether Bitcoin can hold above its 200-day exponential moving average (EMA), located at around $73,000.
However, Davis stated that he doesn't believe current market conditions are bad enough for Bitcoin to form a new low. While the analyst's assessment suggests downward pressure may continue in the short term, it remains uncertain whether the market will experience a deeper decline from current levels.