Bitcoin is maintaining its position above the $93,000 mark, supported by a critical trendline during the Martin Luther King Jr. holiday, which has led to quieter trading conditions. The cryptocurrency is currently navigating an Elliott Wave v pattern, expected to manifest as an ABC corrective structure, according to analyst More Crypto Online. Resistance is noted between $96,000 and $101,000, while potential downside targets are $78,000 or $65,000 if the trendline fails. The analysis highlights Bitcoin's recent dip from highs near $132,000, aligning with broader B-wave support around $82,000-$87,000. The current setup suggests a period of consolidation, with the possibility of a breakout if bullish momentum returns. Traders are advised to monitor external factors and employ risk management strategies, as the market remains volatile.
Bitcoin Holds $93K Amid MLK Holiday, Awaits Breakout
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