Bitcoin $97,393.9In recent years, following a horizontal course, it continues to fluctuate between certain levels of support and resistance. The price has not yet set a significant direction, and experts have different views on the direction of the next movement of the price. The current technical indicators show that Bitcoin is in the consolidation phase. Bitcoin is traded under the $ 100,000 threshold with a depreciation of more than 7 percent in the last week.
Important support and resistance levels in Bitcoin
Will Bitcoin rise from the lower limit of the horizontal movement range, or will a new wave of decrease begin? Analysts are currently focusing on these two possibilities.
Largest crypto currency The closest resistance zone is around 97 thousand 521 to 98 thousand 430 dollars. If the price rises above this range, the probability of the upward movement may increase. However, more sales pressure may be seen if it does not break this level.
The most critical support level to be followed in the lower direction is around 93 thousand 633 dollars. A permanent candle closure below this level can deepen the price decrease. Analysts, in this case Bitcoin may fall to the range of 88 thousand to 90 thousand dollars, he says.
What does the short -term look say for BTC?
Bitcoin’s short -term view points to the light bear market. The recent price decrease indicates that the market is in a wave of correction. Experts draw attention to the possibility of Bitcoin’s further fall in this correction process.
Popular analyst Capo, X account, said in a statement, “5 to 10 percent withdrawal if we see a withdrawal, this can only be a process of creating a higher bottom,” he said. However, the range of 88 thousand – 90 thousand dollars can be a potential target zone, he said.
According to the analyst, the long -term technical appearance still supports the bull market. Although the current correction may be part of a larger rise in the future, it seems likely to continue the horizontal movement in the short term or testing lower levels with a possible wave of sales.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
