Bitcoin $ 106,800 support retest to determine the next movement of BTC

In the midst of the temporary break of the market, Bitcoin (BTC) has seen a price drop of 2% in the last 24 hours. The largest cryptocurrency due to market capitalization fluctuates between key resistance and support levels, in which some analysts suggest that volatility could be in the short term of BTC.

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Bitcoin -Price consolidates near Ath

On Wednesday, Bitcoin saw, in addition to the rest of the cryptomarket, a small relapse prior to the Federal Open Market Committee (FOMC) release of the minutes of 6 and 7 May.

The Cryptocurrency flagship fell by 2.7% of the daily opening of $ 110,000 to a multi -day low of $ 107.107, suggesting a cautious approach to investors.

In particular, Bitcoin has seen a significant 15% rally in the past month and reached a new all -time high (ATH) of $ 111,953 almost a week ago and recovered about 50% from the April low.

Since he has reached his new ATH, Bitcoin has moved sideways and acts between $ 106,800- $ 109,700 levels.

Despite the small Retracement, Analyst Crypto Jelle considers The Bitcoin trend in price discovery remains ‘intact’, so that it indicates that the price above the previous highlights is consolidated.

According to the graph, the cryptocurrency is currently a symmetrical triangular pattern in the lower timetables, with the upper limit between $ 109.00 and $ 110,000.

For Jelle, the cryptocurrency “building pressure for the next leg”, with a breakout that propagates the cryptocurrency to a new rally of 30%.

The analyst previously emphasized a power of 3 (PO3) formation in the graph of BTC, which suggests that the price expansion of $ 140,000 $ 150,000 after recovering the new ATH resistance is aimed.

Ali Martinez stated That BTC remains “accessible” despite today’s price fall, but added that the low of the reach is the most important level to look at. He warned that a breakdown under the support of $ 106,800 could cause increased volatility, which could send the price from BTC to lower levels.

Test BTC again to activate volatility?

Titan from Crypto too confirmed That Bitcoin is currently at an important level. According to the analysis of the Market Watcher, BTC is “still around the daily Tenkan”, which is the level to look at during the potential volatility from the FOMC minutes.

A breakdown of this support zone could send the price of the cryptocurrency to the next important support of $ 102,700. On the contrary, holding the current levels could be the scene for a new retest of the upper limit of the reach.

In the meantime, Daan acts crypto noted This is because Bitcoin consolidates in the vicinity of Aths, have seen BTC-based exhibition-related funds (ETFs) considerable inflow in recent weeks and have recorded their second best performance last week.

As he explained, one of the better ‘indicators’ of the cycle to determine strength or weakness on local tops or soils has been the ETF flows, in which it is described that, in general, large entry after a large run, while the price of BTC does not continue its rally, has proposed a local top.

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For the trader: “It is important that the bulls let that movement go fast, because getting billions of inflow without the correct price progress is not generally not the best”, adding that “for the efforts that are put in and an Ath -break, you would like to see more.”

Daan believes that if the enormous inflow ends and the price of BTC applies, the performance will probably continue in the short term. However, if the price does not hold its current reach, “we may first have to see a bit of a flush & panic before the right breakout movement.”

Bitcoin is currently acting at $ 107,700, a decrease in the weekly graph by 1.6%.

Featured image of unsplash.com, graph of TradingView.com