Bitcoin faces a critical support test! Can $93,400 hold?

Bitcoin has once again touched the cost basis of short-term holders, and the market is at a critical moment. According to the latest analysis, short-term holders did not choose to increase their positions after BTC broke through the average entry price, but instead opted to lock in profits, triggering a sell-off. This behavior has intensified the selling pressure in the market, making the current price level a key support point.

The average entry price of short-term holders is seen as a crucial indicator; if the price of Bitcoin remains above this level, it may continue to rise. However, if it falls below this level, it could trigger a new wave of selling pressure, leading to downward volatility. Recent charts indicate that the selling activity among short-term holders is becoming increasingly evident, and the market may face the risk of a bearish divergence.

In summary, the current support level of $93,400 is critical. If Bitcoin can hold this line, it may bring new upward momentum; if it breaks below, it could initiate a new downward trend.