Bitcoin (BTC) reached a crossroads after its last height at $ 106,000. Market participants speculate whether digital assets will witness more momentum to record new levels or somewhat restore to cool.
Thread tweet by market expert Ali Martinez specific Factors that can contribute to increasing or correcting Bitcoin in the coming days. He believes that the cryptocurrency will eventually reach the highest level ever, but it is still unclear whether the original will face a first correction.
Will BTC increase or recover?
According to Martinez, BTC reached a critical resistance area of about $ 107,000 after mobilizing at least 42 % last month. This region was historically a turning point for previous gatherings, as it appears in December and January. The analyst insists that the daily closure above $ 107,000 will provide Push BTC to reach new levels, but until this happens, the market participants remain patient.
While the waiting continues, the Bitcoin (RSI) is explained that the momentum has extended, and the origin has climbed to the peak of purchase since May 15. An increase in this region has always been short -term corrections. This means that BTC may be due to a brief recovery, especially with RSI’s timing conditions.
In addition, BTC whales were profit. This important profits in this group of market participants are evident who have been selling more than 30,000 BTC since May 13. The profit levels usually increase the pressure pressure and lead to a noticeable decrease in the price of the original.
The main support and resistance areas
Martinez said that BTC may decrease to the support area between 95,850 dollars and 98,730 dollars if sales pressure increased from investors. It raised at least 1.19 million governorates more than a million BTC at $ 98,732, making this level a large demand area. The original can see a deeper correction if BTC falls less than this support area.
However, if BTC is higher than the support range, the original can combine the momentum and collect it in the next stage. From there, $ 116,900 is the next main goal. Therefore, Bitcoin Pricing ranges show 98,131 dollars and $ 116,900 as BTC’s main support and resistance levels within the following weeks.
Meanwhile, the leading cryptocurrency has been unified during the past few days, and it was Hand change About $ 103,000 at the time of writing this report.
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