As Bitcoin hovers around the $95,000 mark, the cryptocurrency community is on edge, waiting to see if the digital asset will maintain its position above this critical level in order to potentially retest its all-time high of $109,000. Failure to hold above $95,000 could signal a deeper correction, according to warnings from crypto analysts.

Several analysts had previously suggested to Cointelegraph in March that June could be the month when Bitcoin makes a push for new all-time highs. Bitfinex, in a markets report on May 6, emphasized the importance of the $95,000 level, which has been pivotal in defining Bitcoin's market structure over the past few months.

Bitfinex analysts noted that if Bitcoin manages to hold above $95,000, it could signify a shift back into bullish territory, potentially setting the stage for a resurgence towards retesting its peak. The cryptocurrency achieved its record high of $109,000 on January 20, just before the inauguration of former US President Donald Trump.

At the time of writing, Bitcoin is trading at $96,730, showing a 3.03% increase over the past 24 hours. Despite the current upward momentum, analysts caution that a failure to sustain above $95,000 could result in the level turning into a resistance zone, leading to further downward movement.

The coming days will be crucial in determining whether Bitcoin will break out into a sustained rally or retest lower support levels. If the digital asset continues its upward trajectory, it could catch many traders off guard. Analyst Thomas Fahrer highlighted the risk of $400 million in Bitcoin short positions facing liquidation if the price reaches $98,000.

The potential for a Bitcoin rally aligns with earlier predictions made by industry experts. Real Vision's chief crypto analyst Jamie Coutts had set a best-case target of $123,000 by June, while Swan Bitcoin CEO Cory Klippsten estimated a 50% chance of new all-time highs before the end of June.

The upcoming Federal Reserve interest rate decision on May 7 could also impact Bitcoin's price movement. Market volatility is often observed before and after the announcement, but the latest data from CME Group suggests minimal odds of a rate cut.

As Bitcoin approaches the psychological barrier of $100,000, market sentiment appears to be shifting towards optimism. The Crypto Fear & Greed Index, which gauges overall market sentiment, has surged into "Greed" territory, rising 8 points to

Source: https://cointelegraph.com/news/bitcoin-price-95k-hold-short-term-rejection-bitfinex-crypto-analysts?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound