Market Analysts Highlight Key Support Levels Amid Bearish Sentiment

According to BlockBeats, on February 12, Greeks.live analyst Adam shared insights on social media indicating a prevailing bearish sentiment among market groups in the short term. Traders are closing long positions and expressing concerns over weak price movements. The market is closely watching the key support level tested overnight at $95,000, with the $92,000 to $94,000 range considered a critical support zone. A breach of this range could potentially trigger a significant sell-off. Currently, the market is experiencing short-term weakness, with declining trading volumes and low volatility around 45-48%, making options trading challenging. However, a large buy order of 900 Bitcoins has been identified at the current price level, suggesting a potential rapid market movement up to $98,000 due to a 'price vacuum.' Notably, options strategies have been adjusted, with traders lowering the strike price of call options from $100,000 to $97,000 and closing $95,000 put options ahead of the Consumer Price Index (CPI) data release. Additionally, perpetual contracts have been observed to dominate the selling, but signs of short covering emerged at the close of the U.S. trading session, preparing for a possible reversal when the CPI is announced.