- Bitcoin -Persmomentum has stalled, with geopolitical tensions that influence hedge activity
- Will BTC hold the price range of $ 100k $ 110k?
Bitcoin’s [BTC] price has shown remarkable resilience above $ 100k in recent weeks, despite the simmering of geopolitical tensions in the middle east. Whether the crypto sticks to the price range of $ 100k $ 110k remains uncertain prior to the historic summer lick.
Neither bull nor bears seemed to have a clear market advantage after that week hawk Fed rate break. So what are the potential instructions and where can the market go?
Bitcoin at a low risk, but the uncertainty continues to exist
On the positive side, Bitcoin’s general risk regime is currently low. This, according to analysts from the Swiss trading company Swissblock and Bitcoin Vector researchers.
With reference to their own BTC risk -indicator, the analysts noted that it has been actively in a “low risk” regime since April.
Source: Bitcoin Vector
This coincided with the total Q2 -Rebound from $ 75k to more than $ 100k, making the sturdy market control of Bulls possible.
The company warned That if the indicator shifts to a high risk and the price falls below $ 100k, the dip can accelerate.
“If it closes under $ 100k, the downward momentum can speed up. If the risk-off signal shifts to a high risk, that is the time to act.”
In the meantime, the analysts also marked those BTCs price momentum Stuck and briefly immersed in the negative zone, so that bulls were further informed. Swissblock added”
“If the momentum pops up with strength – that’s the bullish signal. We don’t see it yet.”
Source: Swissblock
Such a cautious approach was also clear on the front of the option market.
According to the crypto-trading company based in Singapore QCP CapitalThe market is currently on “break” and a typical summer cooling can drag markets. In fact tHe Handelsdesk noted that the market can be crooked in the direction of protecting the downward risks for June and September -Tenors.
“Crypto stays quiet, but under the hood the risk sentiment shifts.
In other words, there may be the Derivatives market in the short term.
In view of the uncertainty and neutral for Bitish Bitcoin projection by experts, the price promotion could mainly be powered in the short term by a liquidation hunt.
According to Coinglass’s 30-day liquidation card, the key would probably be price magnets $ 111k, $ 109k, $ 103k and around $ 100k.
The nearest liquidity pool to the press action of the press was $ 103k and $ 100k. This hinted to a possible liquidity that is lower, before a potential walk to $ 109k improves when it improves market sentiment.
There didn’t seem to be much liquidity below $ 100k and a sign that it could be the short-term support to look at.
Source: Coinglass
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer