Veteran Market Analyst with X Handle Daan Crypto has shared an exciting insight into the current Bitcoin market structure. On one Last post On May 16, Daan Crypto provided some technical pointer for BTC investors while emphasizing the potential basic development that may affect the price measure for the Cryptocurrency premiere.
Bitcoin is broken over the ATH key to Hausseartat Momentum
In a major breakthrough for investors, USA and China Has joined a 90-day break on the latest steep customs, which aims to peel a threatening trade war between the world’s two largest economies. The announcement led to an increase in market confidence, by over $ 600 billion that flocked into the global financial markets.
According to Daan Crypto, Bitcoin registered a strong price increase after this development, even surpassing the US stock market for a while almost trading in $ 106,000. However, the Crypto availability price increase has since stopped and has entered a range market between $ 101,000 $ 105,000, while the stock market has registered continuous price growth.
With a current market price of approximately $ 103,000, Bitcoin is shopping for some price levels during its maximum time of $ 109,000. Daan Crypto explains that the main Cryptocurrency must exceed this ATH level and indicate price discovery to rediscover a haus-like momentum for a long-term trend. The exclusion of this development predicts market expert BTC is likely to remain in consolidation for the foreseeable future.
90 000 $ support zone decisive for BTC Bull Structure – Analysts
In other developments, Daan Crypto has chosen $ 90,000 as the critical level of support for the current market recording. The analyst has said that a case during this price would give a baisse -like signal, which indicates that Bitcoin has fallen out of its rais -like range and may experience a significant decline.
Noteworthy, a price dip below $ 90,000 has not occurred since the BTC PRICE recovery began in mid-April. Daan Crypto says that as long as the Virgin Cryptocurrency maintains this support zone, investors may be “cautiously haussertade”.
However, the famous market expert also notes that Bitcoin shows a lot of weakness in relation to the stock market compared to one month ago, when the price was 20% -30% lower than the current market. In this current situation, Bitcoin is likely to follow the stock markets, which have increased by 30% -50% over the past month, in the event of any price assignments.
At press time, the leading Cryptocurrency continues to trade at $ 103 509, which reflects a decline of 0.51% over the past day.
Image from iStock, chart from tradingview
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