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Bitcoin Bull Market At Risk If Key $97,000 Support Level Fails To Hold, Analyst Warns

Bitcoin is now retesting the psychological $100,000 price level again after a 2.22% decline in the past 24 hours. Notably, Bitcoin recently rebounded around an order block at $99,200 in the past 24 hours as it continues to trade with intense volatility. Meanwhile, crypto analyst Ali Martinez has pointed to $97,190 as a key support level, stressing that Bitcoin must stay above it to maintain its bullish trajectory. This insight comes amidst sharp price swings that have tested investor sentiment, but optimism remains strong as data indicates many traders continue to bet on Bitcoin’s upward trajectory. Bitcoin’s Key Support Level Identified At $97,190 As Martinez noted, $97,190 is one of the most critical support levels for Bitcoin, and holding above it is crucial to sustaining the bull market. This insight is backed by data from on-chain analytics platform IntoTheBlock. Particularly, the data is revealed through the In/Out Of Money Around Price metric from IntoTheBlock, which tracks the number of addresses making or losing money at the current price of a crypto asset. Related Reading: Bitcoin Price Must Hold Above $97K To Sustain Momentum – Metrics In the case of Bitcoin, about 73% of addresses that bought Bitcoin at the current trading range are in profit. A significant portion of these, approximately 1.45 million addresses, bought Bitcoin between $95,727 and $98,719 at an average price of $97,190. These addresses collectively hold about 1.36 million BTC around this level, making it one of the most densely concentrated areas of holdings in the current cycle. Given this concentration of holdings, Bitcoin must maintain its position above $97,190 to preserve its bullish momentum and keep sentiment positive among traders. A break below this level could push many of these holders toward break-even, increasing the likelihood of panic selling. This could, in turn, trigger further downside pressure and create a cascading effect on the Bitcoin price. Image From X: Ali_charts Binance Futures Data Shows Strong Bullish Sentiment Despite concerns surrounding Bitcoin’s ability to maintain its support, market sentiment among traders remains largely optimistic. Notably, open positions on Binance, the world’s largest crypto exchange, show that a significant majority of traders continue to bet on further upside. According to data from Coinglass, 60.94% of traders on Binance, the largest crypto exchange, with open Bitcoin futures positions are betting on the upside. Further reinforcing the bullish outlook, Martinez also pointed to a buy signal from the TD Sequential indicator, which has appeared on Bitcoin’s four-hour chart. This technical tool has been instrumental in identifying trend reversals throughout this cycle, often preceding notable price recoveries. Related Reading: Bitcoin Price In Trouble? Bearish Divergence That Led To Market Crash Last Cycle Returns If the pattern holds true again, Bitcoin could experience renewed buying pressure in the coming days, potentially setting the stage for a retest of the $106,000 level. At the time of writing, Bitcoin is trading at $99,403, down by 2.35% in the past 24 hours. Featured image from Neon Dreams, chart from TradingView CoinTurk News

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Crypto Fraudster Antonia Hernandez Sentenced to 30 Months for Forcount Scam

A New York court has sentenced Antonia Perez Hernandez, a key promoter in the Forcount Ponzi scheme, to 30 months in prison. The ruling, delivered by U.S. District Judge Analisa Torres on January 27, follows Hernandez’s guilty plea to conspiracy to commit wire fraud. A Web of Lies The Tampa resident is said to have been part of a group that stole about $8.4 million from unsuspecting investors between 2017 and 2021. With others not in court, she promoted Forcount as a crypto trading and mining company, claiming those who invested in it would double their money in half a year. However, the firm carried out no legitimate operations; instead, it hoodwinked investors by giving them access to an online portal purporting to show how their funds were growing. Most could not withdraw any of the so-called profits they saw on the website, and the few who got any money were paid using funds from new investors rather than proceeds from the company’s activities. When complaints started mounting, Hernandez, in conjunction with Juan Tacuri and Nestor Nuñez, began selling a proprietary crypto token called “Mindexcoin.” They claimed the coin’s value would skyrocket once it became accepted by mainstream merchants as payment for goods and services. The three were indicted in December 2022, alongside Forcount founder Francisley Da Silva and six other perpetrators of a separate crypto Ponzi scheme. Tacuri pleaded guilty to conspiracy to commit wire fraud in June 2024. A month later, his co-conspirators also admitted to the same charge. He was sentenced to 20 years and forced to forfeit about $3.6 million he had made from the scam. In comparison, Nuñez came off relatively easier, receiving a four-year sentence for his role. When Hernandez finally had her day in court, Judge Torres sent her to prison for 30 months as had been recommended by the U.S. Attorney’s office. In her judgment, Torres pointed out that while the accused was not the mastermind, she played a key role in promoting the worthless token to unsuspecting investors. Victims Lost Life Savings According to court reports , some people who had put money into the scam spoke out during the sentencing, detailing the devastating financial and emotional impact of the promoter’s actions. One victim, appearing via video call, is said to have struggled with connection issues as they shared their experience. Another, bound to a wheelchair, wanted to know how the scammer was still living comfortably despite the crimes she had committed. Judge Torres, famous for her 2023 ruling in a case pitting the SEC against Ripple Labs, also heard how some victims lost their retirement savings and marriages because of the scam. On her part, Hernandez expressed remorse for her role in the con and apologized to those it had affected. Meanwhile, the scheme’s orchestrator, Francisley Da Silva, is still in custody in Brazil. The post Crypto Fraudster Antonia Hernandez Sentenced to 30 Months for Forcount Scam appeared first on CryptoPotato . CoinTurk News