After collapsing to less than $ 115,000 during the weekend, Bitcoin has reached an important level that can determine where the encryption market is heading after that. In the end, it comes to support levels and the amount of purchase that is actually taking place to counter the effects of huge sales that continue to reduce the price. However, if the bulls are able to keep them, this may indicate that there is sufficient momentum behind the encrypted currency to push to its highest new levels.
Why should Bitcoin keep $ 100,000
In an analysis, at Crypto and Masteranda Market Analyst Duplicate To the price of bitcoin that already enhances the support that can help end the declining direction. Pointing out the current market decline, the analyst explains that the price has actually decreased 8 % After reaching the highest level ever 123,000 dollars Again on July 14. This recovery is not uncommon, which Masteranda refers to as “part of the normal business in the market.”
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Current Bitcoin fluctuations No warnings were raised, as it is expected that the price is required. As the analyst explains, these fluctuations usually see the cryptocurrency reaches its highest levels during the longer time frame.
Indeed, there is a lot of support for Bitcoin price is higher than 110,000 dollars. This indicates that although the bears are pushed strongly, the purchase is still The absorption of the offer In the market. The analyst points to this support level as important, but it highlights a more important and stronger support level of more than $ 100,000.
This level of $ 100,000 has been a psychological level since it was returned for the first time in December 2024, becoming the level that must be kept if the market will continue its direction. The encryption analyst shows that as long as the price of bitcoin remains above 100,000 dollars, the bulls will continue to control.
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“After a few weeks, or several months, just as happened the last time, Bitcoin will rise. So you can expect recovery and corrections, but this is only in the short term in the long term that we grow,” Master Ananda.
However, there is still a possibility of a decrease in the price below 100,000 dollars. In this case, this may mean nullifying the upscale thesis, and the analyst revealed that the short and medium analysis will need to be reviewed and updated in the event of this.
Distinctive image from Dall.e, Chart from TradingView.com
The post When Will The Bitcoin Correction End? The Support Level That Holds The Key first appeared on Investorempires.com.
