Bitcoin’s $87K Rally Was a Trap: Could $82.5K Be the Real Buying Opportunity?

BTC's surge past $87,000 came to a quick halt, leaving analysts to reassess whether the move a genuine breakout or simply another rejection inside the current range. Driven by the positive macro developments on the US economic scene during the business week, bitcoin experienced an impressive rally on Friday to over $87,000 for the first time in about ten days. However, its run was stopped just as fast, and the asset plummeted by several grand within hours. It slumped below $84,000 on Friday evening, leaving nearly $600 million worth of liquidations across the entire market. Popular analyst Ali Martinez believes this rally was doomed from the start. Whales Sold Martinez said bitcoin’s move to $87,200 was “compromised before it even got going” as whales sold more than 30,000 BTC as the move progressed. In addition, the $87,000 zone coincides with the upper boundary of a channel that has rejected the cryptocurrency repeatedly for more than two weeks. After the latest such development, the analyst said he is watching the lower end of the same channel at around $82,500 as the immediate downside target. BTC came inches above that level yesterday when it crashed to $83,500. For now, thoug...