$BTC

Is a "bearish contraction" of Bitcoin on the horizon or a drop to USD 87K?

Bitcoin could liquidate a large block of leveraged short positions with a move above its annual opening, but expectations for a drop in BTC price are rising as traders target USD 87,000.

Key points:

1) Bitcoin is preparing for a showdown with leveraged short positions just above its annual opening price.

2) That key level near USD 93,500 is the main target for traders expecting the BTC/USD pair to consolidate its last breakout.

3) Analysis suggests that the next support test could involve the level of USD 87,000.

Bitcoin BTC 🔝81.887 €

consolidated below a key resistance target on April 24 when a BTC price forecast put levels below USD 90,000 at stake.