It was again a volatile trade week in the Bitcoin (BTC) market characterized by almost equal quantities and profit. According to data from Coinmarketcap, Bitcoin moved between $ 95,000 – $ 98,000 and formed a strong consolidation zone. However, the popular crypto analyst Burak Kesmeci sets the critical levels for Prime Minister Cryptocurrency are outside this price range.
Bitcoin key levels to view – $ 94,000 support vs. $ 117,000 resistance
In one X On February 14, Burak Kesmeci shared an interesting technical analysis on the BTC market that emphasized two important zones that could determine the price direction in the short term.
One of these critical zones is the 1.6 Gold Ratio Multiplier that is currently $ 117,000. The 1.6 Golden Ratio Multiplier is a rating tool that is used to identify vital resistance zones in a bull market. That is why Kesmeci postulates that if the Bitcoin Futures market closes above $ 117,000, spot traders can expect that the Bull Rally can rediscover its shape that leads to an immediate upward trend.
The second important price zone identified by Burak Kesmeci is the 111-day advancing average (111dma) that is currently $ 94,000. The 111DMA is a widely used average indicator of the moving price that often works as an important dynamic level of support during the Bullrun.
Consequently, a weekly or daily price that is under $ 94,000 on the Futuresmarkt nearby will invite a strong bearish pressure to Bitcoin that translates into an immediate price dip. Based on the postulation of Kesmeci, Bitcoin will probably soon break out his current consolidation zone to register a significant price movement.
Bullish factors that can support a price drop, include an increase in the ETF intake and the business crypto interest, as well as substantial progress in the new pro-crypto agenda of the US. On the other hand, investors must fear variables such as negative macro -economic developments, for example an increase in interest rate, especially in view of the recent increase in American inflation.
BTC Exchange entry has $ 1 billion hit – price dip income?
In other news, Analytics site Intothlock report The Bitcoin market recorded an inflow of more than $ 1.3 billion, which resulted in a net influx of $ 1.04 billion. In general, massive exchange inflow is interpreted as a bearish signal, because investors probably move their assets in preparation to sell the stock market.
At the time of the press, the leading cryptocurrency continues to act at $ 97,653, which reflects a profit of 0.50% in the last 24 hours. However, the daily trade volume crashed by 12.80% and is currently appreciated at $ 32.29 billion. With a market capitalization of $ 1.93 trillion, BTC continues to rank as the largest digital active.