Bitcoin’s Key Moment: Will $97,567 Support Hold or Break?

• Bitcoin is testing key support at $97,567; breaking this level could signal a deeper decline or further upside potential.
• A new high for Bitcoin could complete a five-wave pattern, signaling a bullish outlook and potentially driving more market interest.
• Bitcoin’s price is caught between bullish and bearish forces, with critical support levels determining its next significant move.

The price of Bitcoin is at a psychological level that could define further movements in the cryptocurrency. Experts are focused on the cryptocurrency due to the upcoming test of a particular level. Indeed if it breaks up and forms one more high it will form a five waves pattern thus providing more direction of the price. This pattern is expected to be completed by those who observe the prices of BTC in the market.

Bitcoin’s Five-Wave Pattern

In an X Post on Tuesday, More Crypto Online stated that for this five wave structure for Bitcoin to be complete, ,there is need to rise to a new high, thus affirming development of wave 5. If this occurs, wave 2 should have a higher low and thus a bright future awaits this digital asset in the short-term. This can be understood as a positive signal that BTC may gradually gain new spectators who will push the price further up.

However, it is unclear if Bitcoin is going to be able to hold the $97,567 support level, which is currently viewed as being a level of critical relevance. This price level may be key in determining the direction Bitcoin will take to if it cannot hold above this level. Therefore, the next support level is at $93,628. A drop below this point would make it little less evident that wave 2 might already be underway. Any move below these levels would signal that the appreciation of Bitcoin’s price is decelerating or even reversing.

Bullish Vs Bearish Outlook

Despite such the indecision, some of the market participants are bullish anticipating that the BTC will maintain its support and move up further while others believe the range low will be broken and the price will drop deeper. Currently, the $97,567 level has not been overcome yet which means that BTC can achieve more increase. But any decline process below this level might lead further declines and cause traders to reconsider their current positions. As of writing, BTC is trading at $99,417, showing a 4.77% increase over the past day.

Source: TradingView

Bitcoin came critical supports that may determine the future volatility In the near few days because it tests these levels. The current cryptocurrency instrument has undergone five wave movement which implies that the next movement may shed more light on the ability of BTC to continue its upward trend or plunge more deeper into a correction.