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The world’s leading cryptocurrency, Bitcoin (BTC), is at a crossroads with the defense of a critical support level. According to Singapore-based blockchain firm Matrixport, the course for Bitcoin will depend on whether it stays above a critical support of $89,260.

Bitcoin recently broke out of a tight wedge pattern and is testing the breakout level at $98,042. That price zone will most likely determine where Bitcoin goes from here in the coming weeks.

If it holds at or above the key support level, that would be opening up an “extremely bullish” short-term trend for the price of Bitcoin, said Matrixport’s research team and independent crypto expert Marcus Thielen. The BTC market has been moving within a wedge pattern since mid-November under the driving forces of inflationary concerns and optimism over strategic moves in the broader financial markets.

Why the $89,260 Level is Key

According to the analysis by Matrixport, at its support level, Bitcoin is able to continue its way towards the bullish side. However, until and unless it manages to stay above $89,260, further hampering seems possible in this regard due to market sentiments.

As of now, the Bitcoin price is at $103,497 and the overall crypto market cap at $3.56 trillion, and that indicates relatively stable market environment, though experts are very alert to watch the Bitcoin defending levels critically.

What’s Driving the Market?

Macro Trends: Markets are upbeat over easing inflation, and possibly rethinking the direction on interest rates.
Institutional Interest: It is a long-term investment and one with increased interest for the institutions.
Technical Indicators: There remains sound optimism by way of the wedge break out pattern inasmuch as the breach does not occur through its support levels.

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Any Bitcoin fan or investor knows these two weeks are of critical importance. If it could stay at those support levels, waves of buying would come around and push it higher to fresh heights. And a fall to below $89,260 may be a significant tumble, which, quite possible, the coin will experience some corrections for sometime.

A major test lies ahead for Bitcoin as far as support that will dictate its future. With the market still holding on to the positive side, a decision is due for whether they will be successful at defending some key levels, yet to come. All of these eyes await to see when Bitcoin will actually move past this area and onto the next strong push.

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