In recent days the Bitcoin market has witnessed largely uninjured price measure And performance. While the main Cryptocurrency went up to as high as $ 108,000 earlier this week, the BTC price was mostly limited to a hard interval between $ 103,000 and $ 106,000.
In fact, flagship Cryptocurrency has retained its position above the psychological level of $ 100,000 since the beginning of May, but it has not been based exactly on this momentum. The latest information on the chain has provided insight into Bitcoin’s current reluctance to move and its possible track in the coming weeks.
$ 95,000 acts as a barrier; Momentum weakens
In a 21 June post on social media platform X, at chain analyst Burak Kesmecii Repeated His previous projection as the Bitcoin price in the short term could fall to the price range of $ 93,000 to $ 94,000. In his post, Kesmeci quoted several technical indicators, which form the basis for his pre -voltage.
The first of these marked indicators is the intense swap level at fixed intervals (Fixed Range Volume Profile (FRVP), which is a refined support or resistance level derived from FRVP that shows important areas where the buyer’s dominance turned with intensive volume.
According to Kesmeci, the FRVP -intensive swap level is about $ 95,000, which means that this zone is a significant level of resistance. The online pound also noted that if Bitcoin’s price fails to stay above this price level, it can further increase sales pressure on the Cryptocurrency market.
Source: @burak_kesmeci on X
The analyst also identified the 50-day simple moving mean (SMA50) as critical of the short-term trend. Kesmecip emphasized that SMA50 is almost $ 105,000 – the same level as, interesting, BTC is about to close below for the second time. If Bitcoin successfully closes below this SMA50, the analyst on the chain ended it that it could catalyze the downward movement of the flagship Cryptocurrency.
The relative strength index (RSI) also seems to support Kesmis Baisseish’s position. Currently at levels below 50 and during the 14-day SMA, RSI signals that there is a loss of speed in Bitcoin’s Bullish Movement.
As if it was not sufficiently poorly listed Kesmeci also that lower lows are formed in RSI, and this is as further evidence that the market is currently seller dominated.
‘Why I’m waiting for $ 94,000’ – Kesmeci
To answer the question of why $ 94,000 is Next critical level To watch out for, Kesmeci explained that elections (the value area was low) in FRVP points to approximately $ 93,000 to $ 94,000. Burak clarified that this level can serve as a strong support zone to send the price back after BTC’s short -term sales.
In addition, the Crypto Pundit 200-day simple variable average (SMA200) referred as another confirmation of his bias. It is true that the SMA200 is observed to converge close to $ 95,000. In the middle of Bitcoin’s price drop, Burak advised that the market players remain prepared for the marked support zone, as good opportunities to buy can show up around it.
From this writing, Bitcoin is valued at about $ 101,596, which reflects a price decline of 1.3% over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from iStock, chart from tradingview
Editorial process For Bitcoinist is centered on delivering thoroughly investigated, correct and impartial content. We maintain strict purchasing standards, and each page undergoes frequent review of our team of top technological experts and experienced editors. This process ensures integrity, relevance and value of our content for our readers.