According to Data from CoinmarketcapBitcoin (BTC) dipped by 1.12% over the past day and drew prices to the $ 103,000 region. In particular, this little decline emphasized another inevitable week where Bitcoin failed to keep any convincing price eruption in the midst of an extended corrective phase. Interestingly, a popular market analyst with X users name Titan from Crypto has weighed in Bitcoin’s latest rejection of highlighting possible disadvantages.
Bitcoin bulls must go in now – analysts
In one X post On June 20, the Titan of Crypto will give an in-depth analysis of a recent rejection of the Bitcoin Prize. Premier Cryptocurrency started a prize collection on June 20 to shop as high as $ 106,000 where it met a strict rejection that forced a return below $ 103,157.
According to titanium from Crypto’s analysis, Bitcoin’s price repellent at a price value GAP (FVG) rose, which means that the price stepped into an inefficiency zone but could not break through. For the context, FVG is a price imbalance or inefficiency on the chart where the market moved too quickly in a direction, such as June 20, left a zone where little or no trade occurred.
However, FVG is located within a larger symmetrical triangle – a common diagram pattern that signals a consolidation period before a large price move. As can be seen from the diagram above, it is formed by two converging trend lines, which reduces the structure suggests growing pressure, often leads to an outbreak or division when the market seeks direction.
Based on the latest developments, BTC has tested and has now gone through the lower limit for the symmetrical triangle that indicates a potential for further disadvantage. According to Titan of Crypto, possible pricing targets for bitcoin in this event previous weekly low of $ 102, 679, whose failure would serve as a strong support zone would force prices to approximately the psychological $ 100,000 zone.
Bitcoin market overview
In other developments, Blockchain Analytics Sentora reports That Bitcoin network fees grew by 105.8% on the weekly scale that indicates an increase in transaction numbers and user engagement. At the same time, there was a remarkable exchange outflow of $ 2.06 billion which indicates a long -term market confidence when investors move their holdings to their private decentralized wallet.
As previously mentioned, BTC is traded at $ 103 402 with losses of 1.88% and 7.02% on weekly and monthly chat. At the same time, daily asset volume increases by 38.31% and is valued at $ 50.14.
BTC trading at $103,882 on the daily chart. Chart: Tradingview.
Image from Pexels, charts from TradingView.
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