Bitcoin is dancing dangerously close to a major drop, according to trader Jason Pizzino. He’s issued a warning to his large YouTube following.
Resistance Levels and Potential Trouble
Pizzino points out that Bitcoin has repeatedly failed to break through a key resistance level, just shy of its all-time high of around $109,000. He highlights the $94,000 to $105,000 range as particularly important, noting Bitcoin’s inability to close above the $105,000 mark for several days.
Key Support Levels to Watch
Pizzino identifies crucial support levels below $100,000. If Bitcoin falls below the $91,000 to $94,000 range, it could significantly hinder any further upward movement and potentially weaken the overall bullish trend.
A Bullish Outlook… Maybe
The good news? Pizzino believes Bitcoin can still maintain its bullish momentum. If it manages to hold above these key support levels throughout May, a significant price increase could follow. However, failure to do so could spell trouble.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading around $102,274, approximately 6% below its all-time high. Remember, this information is for general knowledge and shouldn’t be taken as financial advice. Always do your own research before investing in cryptocurrencies.