After short -term recovery, Bitcoin (BTC) tries to apostasy from a decisive level to restore $ 110,000 support. However, some analysts indicate that a 90,000 -dollar level test can be the next station for the encrypted currency.
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Bitcoin decreased to its lowest weekly levels
Bitcoin lost support of $ 110,000 for the first time in nearly two months, as it decreased under the lower border of its local group, between 108,700 dollars -119,500 dollars. The pioneer encryption reached the lowest level in eight weeks of 107,900 dollars on Friday afternoon, which raised fears of its short -term gathering between investors.
The encryption analyst Ali Martinez Proposal The market began to show signs of fatigue, as Bitcoin dominates cracks after carrying the “largest part of the bull market momentum”.
To the analyst, the current BTC price procedures indicate the transformation of the macro, which reflects the 2021 price procedure and the conditions that preceded the peak of the 2021 cycle. At that time, the cryptocurrency reached a peak of $ 60,000 in April, its recovery to $ 70,000, and set a strong difference against the RSI index before starting the bear market.
This time, Bitcoin appears the same setting that predicted at the end of the last session, with prices at higher levels while the relative strength index makes low levels, Martinez explained.
Among other technical signals, the analyst highlighted that the MACD index has turned into a decline this week. It has been detailed that this landmark is compatible with low prices and enhances negative risks.
Meanwhile, he added that the last death cross in the Bitcoin Mvrv momentum “indicates a total momentum from positivity to negativity. This is a historically reliable warning sign on periodic peaks.”
The analyst emphasized that the evidence on the series indicates that the Bitcoin summit may be, at least temporarily, with bias turning to the decline and the risk of re -testing low support levels.
Will BTC reflect a 2021 drop?
Martinez also indicated that the support of $ 108,700 is crucial for BTC’s short -term performance, as the weekly closure below will confirm this area deeper transformation in the direction, which occurred in 2021.
After the peak in late 2021, the leading Crypto has lost its domestic scale over the $ 58,000 sign, which led to the re -testing of the Macro’s Central Group and a decrease under the lowest levels of the macro group in the coming months.
If BTC loses its instant technical bottom, the price may re -test the support levels of 104,500 dollars and $ 97,000, which risk a decrease in the middle of the total group, about $ 94,000.
Altco Sherpa weight In the performance of Cryptocurrency, it is reported that Bitcoin must have strong support between $ 103,000-108,000 dollars, as the 200-day SISISESISESAI sits on a sign of $ 104,000.
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However, the analyst Ted pillow Vision 124,000 dollars seem to be the local summit. He explained that, historically, Bitcoin spoke after re -testing the weekly 60 EMA, which is currently located around the 92,000 dollar support area and has a CME gap.
“In this scenario, Bitcoin will start reflected after 3-4 weeks and new ATH by November,” Ted concluded.
As of the writing of these lines, Bitcoin trades at $ 107,947, a decrease of 7.5 % in the weekly timetable.
Distinctive photo of Unsplash.com, Chart from Tradingview.com
The post Bitcoin Party Over? Analyst Forecasts Drop To $94,000 first appeared on Investorempires.com.
