Bitcoin has managed to maintain a strong support of $ 95,000 for some time. However, this level may face challenges, as the overvaluation of cryptocurrency may lead to a correction.
If this support is broken, Bitcoin may experience a fall, potentially reaching up to $ 92,000, which would generate more concerns for investors.
Bitcoin faces problems
The NVT ratio reaches the highest level in five months, suggesting that Bitcoin’s network value exceeds its volume of transactions. In addition, this imbalance usually indicates that bitcoin is overvalued, historically acting as a trigger for price corrections.
However, this increase in the NVT ratio indicates possible bitcoin pricing error, suggesting risk of correction if the network activity does not follow its assessment.
The broader impulse in the bitcoin market is showing mixed signs, with the rate of fear and greed approaching the greed zone. The index, which tracks the feeling of the market, is about to go from neutral to greed, often indicating that the market may be approaching local peaks. This change suggests that Bitcoin may be overvalued, with potential for correction if the feeling warms too much.
Historically, when the fear and greed rate enters the greed zone, Bitcoin has experienced setbacks, as overvaluation triggers profits. The future of Bitcoin’s price will depend on how feeling will evolve in the coming days.
BTC price forecast: keeping above support
Bitcoin is currently being negotiated at $ 96,273, maintaining above its critical level of support of $ 95,869. For now, Bitcoin also remains above its high trend support line, which has provided a shock absorber against an additional price drop. If these levels remain, Bitcoin can maintain stability and avoid breaking below key support.
However, if the factors of overvaluation and change in market sentiment exert pressure on bitcoin, it is likely to fall below the $ 95,869 support. This can trigger a drop toward $ 93,625, or even as low as $ 92,005, expanding losses to investors that are holding during this uncertain phase.
If Bitcoin can find resilience above the $ 95,869 support, he can see a leap toward $ 98,212. Successfully break this level of resistance can provide a new high impulse by invalidating the current low thesis. If Bitcoin exceeds $ 98,212, the market can see a renewed upward trajectory, restoring confidence in its potential future.
The Bitcoin (BTC) provision article: What to expect from the currency today, 02/17/2025? It was first seen at Beincrypto Brasil.
