BTC traders witnessed a new round of downward trends as Wall Street opened on Friday, with the $90,000 mark hanging by a thread.
Key points:
BTC is approaching $90,000, and traders are lowering their BTC price targets.
Analysts generally believe that current liquidity conditions favor a preliminary sweep of buy orders.
The Ichimoku Cloud indicator suggests a potential for a larger pullback.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD fell nearly 2% compared to Thursday's close.
After being rejected at the opening price level for 2025 the previous day, BTC lacks upward momentum, and market participants are looking to see tests of lower support levels.
The trading account Exitpump published new analysis on the X platform, stating: "The order book heatmap shows weak buying, with a relatively large buy wall only at $86,000 and below."
Crypto investor and entrepreneur Ted Pillows marked $90,000 as an important area using exchange order book data from the CoinGlass monitoring platform.
He wrote: "BTC currently has two quite decent liquidity concentration zones. The upper liquidity is around $94,500, while the lower liquidity is around $90,000."
Pillows described the current chart conditions as "one of those 'clear the lows first and then decide' setups."
Trader Daan Crypto Trades summarized the previous day: "Ideally, it should not drop below the $88,000 area again on higher time frames."
Professional trader Titan of Crypto, using Ichimoku Cloud analysis techniques, predicts that BTC may pull back to around the $80,000 level.
In his analysis report, he pointed out that a potential support area is just below the current local low of $83,900 that appeared earlier this week.
"Is BTC's next stop $89,000?" he questioned while interpreting key technical indicators from various Ichimoku charts.
Related: 21Shares founder predicts Bitcoin (BTC) may struggle to replicate January's surge, with low probability of new highs
Original: “Bitcoin (BTC) Faces Risk of Returning to $80,000 Low Area, Traders Say Dip Makes Sense”
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