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Bitcoin (BTC) tried to reclaim the resistance level of $ 108,000, but was confronted with rejection when the third quarter (Q3) started, so that some market guards suggested caution for the coming months.
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Bitcoin has a crucial reach
The Bitcoin prize ended the second quarter with a retest of the barrier of $ 108,000 before he was rejected and the closing of Q2 and June around the $ 107,140 area, the highest monthly closure in history.
Despite the positive achievements, the flagship Crypto July started with a withdrawal to $ 105,000, making a low point of a week of $ 105,623. Analyst stretches Capital confirmed That this suggested that BTC’s Hertest was underway after the breakout, which would reinforce the case of the cryptocurrency for another leg.
The analyst previously explained that Bitcoin needed a weekly close one above the support of $ 104,400 after losing it, because recovering this area would strengthen its price repair and position the cryptocurrency for a retest and confirmation of this level.
Moreover, it would continue to build its basis around this area to switch to the second discovery of BTC. According to the Tuesday analysis, the new weekly close suggests that Bitcoin is positioned for a new retest after falling apart.
The analyst also noted that BTC broke out in the past 40 days out of two 2 weeks of Downtrends, but during the same time frame, the crucial downtrend of 6 weeks was rejected, around $ 108,000.
Sjuul van Altcryptogems noted The rejection of this level, in the affirmative that “it is mandatory for bulls to get in quickly and the price is not too big a dip.” The flagship Crypto needs a “strong bouncing of the most important support and resistance level, just at $ 106-104k”, which kept it for a while.
For the analyst, it would not hold the door of this area for a greater withdrawal, which would risk a decrease in macro support between $ 101,000 and $ 102,000. He emphasized a big gap between the current support area and the macro support, which was on the recent price recovery.
BTC risks a huge decrease in Q3
Sjuul pointed out that under the support of $ 101,000: “There is not much to defend the price to fall much lower”, adding that “BTC’s historic three -month return for Q3 has not been great, so this adds some extra caution to the photo we have taken out of the graphics.”
Daan Crypto acts as well claimed That historical data shows that Q3 is generally the slowest period for Bitcoin and Ethereum (ETH) because of the decreasing activity, volume and liquidity during the summer months.
He added that BTC, when a new quarter and month starts, will probably see a “shocking start”, but Bitcoin still consolidates within the current reach and the falling channel, which suggests that investors should give it time to “play and look at confirmations” of the direction that it will take for the rest of the month.
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Nevertheless, analyst Ali Martinez gave A warning signal, as an indicator that had predicted that “every big Bitcoin -Crash” has just appeared. Per Martinez, the Tom Demark Sequential Indicator, a rare warning that preceded historically preceding violent pullbacks, a sales signal flashed in the quarterly period of time.
In particular, the same signal appeared in 2015 and 2018, where BTC reduced more than 75% and 85% after the indicator flashed. If it follows his historical performance, the analyst predicted that BTC could fall this quarter to $ 40,000.
Bitcoin is currently being traded at $ 105,901, a decrease of 1.16% in daily age.
Featured image of unsplash.com, graph of TradingView.com