Bitcoin finds itself at a critical juncture after a tumultuous week, currently testing a support zone between $82,000 and $84,000. The community is divided on whether we are witnessing a calm before the storm or the onset of a significant downturn.
Crypto influencers are ringing alarm bells, with some suggesting that losing this support level could lead to a drop to $80,000 or even lower, while others warn it may jeopardize the prevailing uptrend established since March. Adding to the tension, upcoming events on April 2, including potential new tariffs from the U.S. government, hint at possible volatility that could impact market sentiment.
Looking at the broader horizon, BTC adoption is gaining momentum, with notable movements like GameStop's planned purchase of $1.3 billion in Bitcoin and Brazil's government eyeing a 5% allocation of national reserves to Bitcoin. These developments could set the stage for a major market shift.
Amidst the cloudy outlook, the infamous CME gap at $84,418 has traders split on whether it indicates a possible fill next week or if it's a trap designed to shake out weak hands before a potential rally. Should Bitcoin manage to defend its support, a rise past $90,000 is still conceivable, but a breach could push us down to $71,000.
Stay alert, as the crypto landscape is ever-changing, and strategies need to adapt accordingly.
⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.
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