- Bitcoin fell from $ 105k to $ 102k, with an analyst saw $ 94k as the next large support zone.
- The open interest data from BTC showed that it has introduced a lever sales zone, which increased the downward risk.
Bitcoin [BTC] Slipped from $ 105k to $ 102k after briefly touching the $ 100k mark, rattled by raised geopolitical pressure.
The American – Israeli air strikes on Iran caused a new volatile round, forcing risk activa – especially crypto – to relax aggressively.
Despite a mild rebound up to $ 102k, the short -term provision of BTC remains under endangered, with analysts Now a potential decrease to $ 94k.
Bitcoin loses momentum
According to Cryptoquant Analyst Burak KesmeciBitcoin has lost his bullish rhythm.
On the daily graph, BTC traded under the FVRP Intense Swap zone at $ 95k, suggesting that a loss of consensus value.
Source: TradingView
When BTC is below this level, this means that prices are traded under a zone of heavy importance where most investors have taken over. So if prices continue to retain below this level, the sales pressure is expected to rise.
Of course, such a break coincides with heavy stain resistance – such as the SMA50 near $ 105k – upward continuation unlikely in the short term.
Two rejections, one outcome
Source: TradingView
BTC has recently been closed no more than $ 105k for the second time, which it confirmed as a resistance in the short term. More critical, it closed again under the SMA50 and opened the path for further losses.
The loss of Momentum is further proven by the Relative Strength Index (RSI).
RSI fell to 41.59, at the time of printing, well below the neutral 50 level. RSI is also trending under its SMA14, as a result of an increased control of sellers.
And if their dominance continues to rise, the disadvantage momentum will also strengthen that.
Based on this analogy, the downtrend will continue, whereby BTC drops to $ 94k. This is because the VAL level in FRVP points to around $ 93-94K.
We are deep in the leverage area
In addition, open interest and price change details of Checkonchain placed BTC in a clear lever sales zone.
Source: Checkonchain
Often this indicates a weakening of the momentum and the constant downward risk, unless shorts are pressed or buyers are deployed instead. This is what usually happened on daily charts as the prices recovered from the $ 100k dip.
Despite the recovery to $ 102k, the Neerwaartse Momentum is still strong because investors have taken a step back in the market.
Bitcoin NVT ratio flashes red
Source: Cryptuquant
The story on the chain also supports a bearish case.
At the time of writing, the NVT ratio rose from Bitcoin to 60.9, suggesting that the price rises without an equivalent transaction volume.
In other words, the recent leap lacks organic support. When NVT ratings are currently worrying, this often indicates untenable price action – a warning for incoming retracement.
Such a step will fall BTC to $ 97,917 before you try another leg. However, if the short positions are still pressed in the past day, BTC can restore and reclaim $ 104k.