After a brief recovery, Bitcoin (BTC) tries to bounce from a crucial level to reclaim the support of $ 110,000. However, some analysts suggest that a retest of the $ 90,000 level could be the next stop for the cryptocurrency.
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Bitcoin drops to weekly lows
Bitcoin lost $ 110,000 support for the first time in almost two months and immersed under the lower limit of his local reach, between $ 108,700- $ 119,500. The Crypto flagship reached a low -eight -week low -107,900 on Friday afternoon and released concern for his short -term rally among investors.
Crypto analyst Ali Martinez suggested That the market starts to show signs of fatigue, with Bitcoin Dominance showing cracks after wearing “the majority of the bullmarktomentum”.
For the analyst, the current price actions of BTC signal a macro trend shift, in which the 2021 price promotion is reflected and the conditions that preceded the Cycluspiek of 2021. At that time, the cryptocurrency reached a peak of $ 60,000 in April, and a strong BEARISH DIVITHET DRIGHTTENT (put a strong bond) Before the Berenmarkt started.
This time Bitcoin shows the same setup that the end of the last cycle in advance, where the price made higher highlights while the RSI makes lower lows, explained Martinez.
Among other things, technical signals emphasized that the MACD indicator had become Bearish this week. He described that this Bearish crossover meets the price fall and reinforced the downward risks.
In the meantime, he added that the recent Death Cross in the Bitcoin MVRV momentum indicator “indicates a macro -momentuma from positive to negative. This is a historically reliable warning signal of cyclical tops.”
The analyst has confirmed that the evidence on the chains suggests that the top of Bitcoin is possible, at least temporarily, with bias that shifts Bearish and a risk of redesest lower support levels.
Will BTC be 2021 -drop mirroring?
Martinez also noted that the support of $ 108,700 is crucial for the short -term performance of BTC, since a weekly close to this area would confirm a deeper trend shift that took place in 2021.
After a peak in the end of 2021, the flagship Crypto lost its local reach above $ 58,000, which led to a retest of the Middle Zone of the Macro series and a final decrease below the lows of the macro series in the coming months.
If BTC loses its direct technical floor, the price could re -test the support levels of $ 104,500 and $ 97,000, causing a decrease to the middle zone of the macro range, around the $ 94,000 area.
Altcoin Sherpa weighed In on the performance of the cryptocurrency, which states that Bitcoin should have strong support between the levels of $ 103,000 $ 108,000, because the 200-day exponential advancing average (EMA) is around $ 104,000.
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Analyst Ted -Cushions considers That $ 124,000 seems to be the local top. He explained that the soils of Bitcoin, historically, after a retest of the weekly EMA, which is currently around the $ 92,000 support zone and has a CME gorge.
“In this scenario, Bitcoin will start a reversal after 3-4 weeks and a new ATH by November/December,” Ted concluded.
Bitcoin is currently acting at $ 107,947, a decrease of 7.5% in the weekly period.
Featured image of unsplash.com, graph of TradingView.com