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What’s Next for BTC: Possible Reversal or Deep Correction

Regarding Bitcoin’s daily price movements, the recent dips to key support levels are being absorbed, such as the latest drop to $91,500. However, each dip buying encounter meets selling pressure when BTC returns to the upper range of the intraday range.

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The popular crypto trader Skew said:

“Previously, we had risk reduction and hedging flows. Currently, short positions are dominant here; we’ll watch for more aggressive shorting. Further aggressive shorting would imply the market expects an immediate breakout from the current price range. If the breakout fails with high-volume short positions, it would signal a trap for the shorts.”

Skew emphasized the importance of the $94,000 level, stating:

“I believe that if we fail to reclaim $94K, with the market remaining dominated by supply from the spot market, it will likely lead to a final drop.”

Spot BTC/USD on Coinbase, along with spot and futures CVD.

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In fact, a series of four-hour closes above $94,000 throughout the trading day will be crucial for protecting the current range. Over the past week, spot sales have dominated the market, and the majority of the perpetual futures market is oriented toward margin short positions. So, holding $94,000 as the lower level of the range ($94,000–$99,000) would be the first step towards neutralizing the bearish “head and shoulders” pattern on the daily timeframe.

“The price is currently trading around the key value area of VAL, the lowest level from last week, and the HTF trend,” wrote trader Skew in part of his latest post on X, referring to the low-value zone and weekly opening.

“Volatility is setting up, in my opinion.”

BTC/USDT 4-hour chart.

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Skew suggested that the weekly opening around $93,550 on Bitstamp will continue to play an important role in short-term price movements.

High liquidation zones may determine further declines, he continued, with these zones currently around the $92,000 level. “High-volume liquidation zones often act like magnets,” he said. “Sometimes we can see reversals from these zones, so watch them closely.”

BTC/USD chart with liquidation data.

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Expectations of a price drop for BTC are already supporting a return to $90,000, with some seeing real chances for a deeper correction in the next quarter.

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