The attack continues as Bitcoin price has failed to make a meaningful studAnd the bears have kept the price suppressed under $ 110,000 for the majority of the weekend. This has already triggered fear on the market, with fear and greed index that fall into the Fear Territory and mark a new 5-month low. From here, the next direction for the Bitcoin Prize is very important for the entire market, and the point where Cryptocurrency is located is a decision-making.
Bitcoin Price falls in critical intersection
According to crypto analyst Weslad, who Posted An interesting analysis on the TradingView website, the Bitcoin Prize now sits on what can be regarded as a make-or-break level. This critical intersection is in a larger supply zone, and with the strong delivery at this time, a rejection can quickly follow.
Crypto -Analyst explains that Bitcoin Price is currently still holding Above the most important demand of $ 106 269- $ 108,715, which is still very hooked for the price. In fact, this has been historically known as a point where Bitcoin Bulls has often held, supported and triggered the next wave of trends.
This means that the bulls must continue to maintain this demand if they want to maintain the primary performance. In the case of one successful hold and a subsequent bounce And breakout with strong momentum, it can put the Bitcoin price on a road to clear its maximum time over $ 124,000.
As he goes further away from this point, crypto analysts believe that it is possible that this bounce can send the bitcoin price Rally against $ 135,627- $ 139,616 target zone. This would be an over 20% increase for Cryptocurrency.
Bears can still take control
Although it seems that the bulls hold the primary trend while holding the Bitcoin price above the demand zone of $ 106 269- $ 108,715, there is still the possibility that bears will take over here. Weslad points to the latest rejection from the supply zone of $ 117,000 as proof that sellers are still very active in the market.
If the sale were to continue, the pressure could Press down the Bitcoin price furtherputs the most important demand support at risk. If the bears succeeded in breaking the $ 106 269- $ 108 715 demand, crypto analysts expect the price to continue to fight.
A down trend from here can Trigger additional 10% crashAnd such a crash could see the Bitcoin price move straight towards $ 98 384. This break would mean that Bitcoin loses the psychological level of $ 100,000 for the first time in more than three months.
Featured image from dall.e, chart from tradingview.com
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