A prominent crypto analyst and trader is cautioning that Bitcoin (BTC) is facing a heightened risk of experiencing a more significant correction. In a recent update, crypto trader Justin Bennett shared with his substantial following on X social media platform that Bitcoin’s market structure is showing signs of weakness by failing to reclaim $92,000 as a support level.
“Despite any short-term market strength this month, failing to close March above $92,000 could leave Bitcoin vulnerable to a significant downturn,” Bennett emphasized. He also noted the historical correlation between Bitcoin’s performance and stock market movements, suggesting that there might be more downside for BTC as the S&P 500 corrects.
Currently trading at $80,916, Bitcoin has seen a 3.2% drop in the last 24 hours. Bennett’s insights underscore the importance of monitoring Bitcoin’s movements closely in the face of major resistance levels.
