Bitcoin Retests Key Support at $89500 - Panic or Just Another Healthy Pullback?

Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.

The crypto market has made us all excited once again, and now we are trading at the same level where we were trading a few days back.

But in this blog, I am going to share whether this is something to worry about or if we should stay calm and wait to see where the market will take us in the next few hours, because the daily closing is still pending. Before the daily closing happens, we should not jump to conclusions.

For now, I am going to share a chart on the 4 hour time frame, which you can see in the screenshot below. This chart shows a 4 hour support at around $89,500. If this level holds, then we are good to go and the market should continue the recovery phase.

Even if we lose this support, the next important support can be seen at $88,900, and I think that level is also very important to hold. However, for the recovery to continue smoothly, the $89,500 level needs to be retained.

In the screenshot below, you can see the range in which Bitcoin has been trading over the last few days. Clearly, there is nothing to panic about because we are still trading inside the same range.

In screenshot below, you can also see that we were unable to grab liquidity above the pink resistance line. I shared a blog a few days back where I mentioned how important it was to hold above this level, otherwise the market would come down again.

What happened was that we broke this resistance on 5th January, and on 6th January we came down to $91,000. After that, it was very obvious that Bitcoin would test the $89,500 support, and that is exactly what we are seeing now.

In the screenshot below, you can also see the detailed chart that we have been following for the last few months. This chart has helped us a lot in understanding where the market is heading.

That is why I think this analysis will remain useful, especially when the market finally breaks all major resistances and starts trading above the main $100,000 level. For now, I am not panicking. I am waiting for the daily closing. If the daily closing happens above $89,500, then we are good to go for the recovery phase.

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This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here.

In the screenshot below you can see my terracore base attacks with 6 of them being used and the results are not that good as we were having penalties as well but its ok, we are soon going to get rid of the penalties and then have good terracore attacks.

Below you can see my golem overlord base with all my stats and prestige level and that is the base where we used around 15 attacks today and that all went really good for us.

But as soon as I wanted to claim the parts and shards there was a error message as you can see in the screenshot below. This might be a bug but it was gone soon so nothing to worry about.

That is all I did in Golem and terracore base today.

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Thank You and make sure to check Crypto Company CEO services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.

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