Bitcoin prices fell by more than 3 % last week, as the broader encryption market suffers from public prices that are affected by total economic pressure. It is worth noting that the first cryptocurrency is now trading over $ 104,000, which is an estimated decrease of 7 % from the highest new level ever at 111,970 dollars. In the midst of what might be just a correction, market analyst Daan Crypto highlighted a support area with strong potential to stop any additional prices.
97,000 dollars -99,000 dollars highlight as a main price level
In a summary X post On May 31, Daan Crypto shared a cautious look at Bitcoin amid constant correction. The analyst notes that if the decline continues in June, the bitcoin is likely to decrease to about $ 97,000 -9,000 dollars, you may find credible market resistance.
Choose Daan Crypto for this price range as the main main support level for Bitcoin Yanbu from the meeting of technical indicators. As shown in the graph below, the price zone is from 97,000 to 99,000 dollars in the medium range of the Bitcoin trading channel between 90,845 dollars and $ 108,386, as well as hosting the moving average for 200 days and REECting 0.382 Fibonacci.
The medium range in the trading channel is usually a major level of support or resistance, depending on where the price is for it. Amid the correction of the Bitcoin prices, the current medium range represents at $ 97,000-99,000 dollars the main floor of the first cryptocurrency-a crucial price that would indicate the direction of the declining price.
Meanwhile, the level of tradition of 0.382 Fibonacci is a healthy correction area in the market, which means that prices are generally returning to this region before the initial trend resumed. In addition, the Master of 200 days is a long -term index with the average market closure price over the past 200. It also works as a support level during the upscale trends that act as a popular re -test before the price continues in the upward direction.
In general, all three indicators indicate that 97,000-99,000 dollars will act as a healthy technical support zone in the event of a decrease in bitcoin. However, the loss of the support area would threaten Bitcoin’s bullish capabilities with the next support level of about $ 94,000.
Bitcoin price overview
At the time of the press, Bitcoin is trading $ 104,650, which reflects 0.14 % slight prices last day. The first cryptocurrency also indicates a monthly increase of 7.21 %, indicating that the majority of new participants in the market are still in profits. However, the weekly decrease of 2.86 % indicates that the market demand is needed to stop investing in creeping downward morale.
Distinctive photo of Pexels, tradingView graph
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The post Bitcoin Eyes $97,000-$99,000 As Key Support Zone If Price Decline Persists first appeared on Investorempires.com.
