The encryption market was the story of two distinguished halves, one of which saw the price of Bitcoin rising to higher levels of all times. After reaching the highest level ever at about 122,800 dollars, the first cryptocurrency surrendered to a realistic wave of declining pressure in the past few days.
This last wave was deposited in the declining pressure through the Satoshi whale movement on Thursday, July 17. However, the price of bitcoin was not likely to cross a level of $ 123,000, and a prominent expert in the group X.
Is the transition to $ 143,000 still possible?
In a recent publication on the social media platform X, CEO of Alphractal Joao Wedson Make up Why the BTC price failed to break the level of 123,000 dollars as it raised to the highest new level ever last week. According to the encryption expert, this loss of momentum can cause a danger to the leading market in the short term.
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The logical basis behind this prediction is that the area of $ 123,000 (or specifically, 123,370 dollars) is the level of the second alpha prices for bitcoin. For context, the Alpha price is a strong indicator on the chain that uses many main measures to estimate where the BTC price is likely to have support or resistance.
In its essence, the price of alpha is a level that the price of bitcoin needs to be breached and stay above to enter the next important stage of the bull cycle. “It begins to calculate the life of the market in the days, and this is used to derive the maximum market – mainly the basis of the historical evaluation basis.”
As shown in the graph above, the Alpha price index has multiple sill levels, which behave like pressure areas. These thresholds reflect the areas where the feelings of investors are likely to turn; Low levels work as support because investors often buy to defend their positions, while the higher levels indicate an increase in the sale pressure due to the profit taking.
Widson pointed out that the price of bitcoin, which failed to violate the level of Alpha II prices, does not mean that the highest market is present. However, the 123370 dollar area is a clear resistance area, and the BTC price may need some decrease before climbing to its highest levels.
Weedson also mentioned that the alpha price level will be updated on Saturday, July 19, as it is dynamically modified based on actual time transactions. However, if the price of bitcoin has broken this level, the move to the top of $ 143,000 on the cards is still still.
Bitcoin price at a glance
As of this writing, the BTC price is about $ 117,610, which reflects a decrease of more than 2 % in the past 24 hours.
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Distinctive image from Istock, tradingvief chart
The post Why Bitcoin Price Failed To Break $123,000 In The Past Week — Analyst Explains first appeared on Investorempires.com.
