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While Bitcoin (BTC) is trying to convert $ 110,000 resistance to support, some analysts believe that the price discovery collection has just started, expecting to the highest new level of the main encryption.
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Bitcoin begins discovering the second prices in the direction
Last week, the Bitcoin momentum paid its price to the highest new level (ATH) of $ 111,814 before restoring its current range. During the weekend, Bitcoin confirmed its outbreak in its second direction to discover prices, after re -testing its successful 104,500 dollars as support.
The cryptocurrency was a large recovery on the market for more than a month, as approximately 50 % of its lowest levels in April. Analyst Rick Capital male BTC ended its negative deviation period and placed itself to re -test its main re -accumulation during the early May, which was successfully recovered and overcome.
The analyst considers that his new price discovery “has just started”, as Bitcoin begins the second week of this stage. Rekt Capital highlighted that this course was a “story of accumulation”, which indicates that the new range is likely to be formed after this price is discovered.
At the same time, history indicates that correction of the discovery of the second price is the foreground with bitcoin moving to its new direction in the direction of discovering prices.
During its future correction, BTC is likely to retrieve between 25 % to 35 % “to produce another negative deviation less than the low re -accumulation scope (future orange) before resuming the upper trend in a potential higher translation of prices 3.”
Meanwhile, “All Bitcoin needs to stick to the highest accumulation range of $ 104,500” to continue the price discovery collection.
110,000 dollars after that?
It is worth noting that the main encryption re -testing the high range as support over the past two weeks, which confirms the penetration. As such, the decrease in the previous upper area of 92,000 dollars and $ 10,4500 can occur as “part of normal fluctuations”.
Moreover, it turned into another major resistance, a sign of 102,500 dollars, to support during this period, which was rejected in January 2025. With these levels as support, Rekt Capital is considered that only December 2024 and Upwicks in January 2025, at a price of 108,353 dollars and 109,588 dollars, on the way the additional price is discovered.
Trading dealer Dan Chefir male This bitcoin “is still strong, but fighting around its highest level ever earlier this year.” He pointed out that the price movement seems “very volatile” in low time frameworks, but it should not be related to investors if the price remains within its current scope.
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Analyst Macrographic Assure Bitcoin must formally recover $ 110,000 to continue the gathering, as it represents the previous ATH and the high value area (VAH) last week. “Acceptance above, we will likely press the discovery of prices again,” CRG.
Currently, Bitcoin is re -testing its weekly opening of 109,004 dollars as support, which may pave the way for penetration above $ 110,000 if it is held. Meanwhile, rejection from this area can send the price of BTC to an area of $ 106,000 -108,000 dollars.
As of the writing of these lines, Bitcoin is trading at $ 109,181, an increase of 1.4 % in the daily time frame.
Distinctive photo of Unsplash.com, Chart from Tradingview.com
The post Bitcoin To Continue Price Discovery Rally If It Holds These Levels first appeared on Investorempires.com.
