Reason to trust
Strictly editorial policy that focuses on accuracy, relevance and impartiality
Made by experts from the industry and carefully assessed
The highest standards in reporting and publishing
Strictly editorial policy that focuses on accuracy, relevance and impartiality
Morbi Pretium Leo et Nisl Aliquam Mollis. Quisque Arcu Lorem, Ultricies Quis Pellentesque NEC, Ullamcorper Eu Odio.
In the midst of the tension in the conflict of Iran-Israel, the cryptocurrency market experienced a daily withdrawal. Bitcoin (BTC), who had just recovered from Friday’s fall, erased his recent profits and recorded a dip of 4.5% to $ 103,000 in the last 24 hours. However, some analysts believe that the Crypto flagship is preparing for a big move in the coming weeks.
Related lecture
Bitcoin could see a huge movement soon
On Monday, Bitcoin tried to break his post-November reach high, but did not succeed in holding $ 108,000 $ 109,000 in the area of $ 108,000 as support for the fourth time in a month and fell back in its larger reach.
Market Watcher Daan Crypto Trades noticed that this level of resistance remnant An important area to view, adding that “without a clean break above is not the time to get excited.”
Nevertheless, the trader is of the opinion that the BTC “set up for a big move”, because the cryptocurrency continues to keep its monthly reach between $ 100,000 and $ 110,000.
He claimed that this reach “at a certain point in June” will break, as well as the current weekly High and Low, which in the coming days “have a very low chance of holding”.
Daan added that a break of these levels is very possible in the next 1-2 weeks, which probably leads to a large movement in the direction of the break.
Analyst Sjuul van Altcryptogems marked The performance of the crypto market and the concerns of investors in the midst of the war-related headlines, and noted that Bitcoin responded in a similar pattern during geopolitical and crypto-related events in the past.
According to the analyst, the uncertainty of global events has led to mass liquidation and panic in the chains several times since 2020, leading to 30% -50% crashes. However, the market has recovered from these events after considerable accumulation.
Here is the pattern: Big Event (Black Swan). Panic heads. Sharp BTC -Dump. Retail Panic sells. Smart money buys. Time passes. Bitcoin touches new highlights.
Based on this, Sjuul predicted a strong Bitcoin pump and a new all-time High (ATH) as soon as the current war tension is over.
BTC has important support in the midst of pullback
Meanwhile, Analyst stretches Capital emphasized That Bitcoin has re -tested its old range highly as support for the past six weeks and shows stability around the level of $ 104,400 during this period.
According to the analyst, as long as BTC’s price closes above this level every week, the candles underneath are “normal noise” and it is positioned to switch to his second price determination.
He also pointed out that the cryptocurrency has seen only a dip of less than 10% during the recent pullbacks. Moreover, these drops of drops have also decreased, with the first rejection producing a decrease of 7.72% and the second dip is 5.79% deep, while the current rejection is a 4.5% back so far.
Capital considers the strongest support as between the $ 102,000 $ 104,000 area, and the final level to break is the high resistance of $ 108,890.
Related lecture
“As long as this resistance does not reject the price too much, it might become weaker over time,” he confirmed, and concluded that a weekly close to this level “would be a very strong sign for a recovery of this resistance in new support for Springplankprijs.”
Bitcoin is currently being traded at $ 105,085, a jump of 1.1% in the past hour.
Featured image of unsplash.com, graph of TradingView.com