Bitcoin Struggles to Rebound: Is the $90,000 Level a Nightmare for Bulls?

TradingKey – Since February, Bitcoin's price has been on a downward trend, and it fell again this morning, touching $93,000 and nearing a breach of the $90,000 mark.

Around 3 AM on February 19, Bitcoin weakened again, retreating to $93,000. As of this writing, Bitcoin has seen a slight rebound, rising back to around $95,000.

Bitcoin Price Chart, Source: CoinMarketCap.

On February 3, Bitcoin experienced significant volatility, dropping from a high of $102,000 to $91,000 before recovering above $100,000 later that day. Since then, the price has continued to decline slightly, and this morning's dip is regarded as a potential signal for another bottoming out, possibly leading to a new rebound.

Bitcoin Price Chart, Source: TradingKey.

In the event of an unexpected downturn, Bitcoin could continue to slide, potentially dropping below $90,000. However, $89,000 is expected to provide support.

KiYoungJu, founder and CEO of CryptoQuant, stated that Bitcoin is unlikely to enter a bear market this year and remains in a bull market cycle. KiYoungJu also noted that the cost basis for Bitcoin held in ETFs and custodial wallets is around $89,000.