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The Bitcoin prize has not been completely able to keep the bullish momentum that it came to a new of all time last week. Instead, the most important cryptocurrency has collapsed to Beerarish in recent days and fell around 7% of the record -high price.
Unfortunately, the Bitcoin price seems to be at the start of what could be a disappointing downward run in the coming weeks. The latest technical price data indicates a potential Bearish trend domination for the price of BTC, where the market leader runs the risk of losing his six -digit appreciation.
Which technical indicators do the sales alarm sound?
In a post of 30 May on the X platform, Crypto analyst Burak Kesmeci as long as A technical insight into the price of Bitcoin, which explains that signs quickly become bearish for the flagship cryptocurrency. The online expert was predicted that BTC could get a serious price in the near future for about the level of $ 93,000.
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Kesmeci emphasized changes to some technical indicators on the daily period, which suggests that a correction on the horizon is possible for the Bitcoin price. One of these indicators is the daily relative strength index (RSI), a momentum indicator that the speed and size of the price movements of an active treasure.
As observed in the graph above, the daily RSI is around 51 points and below the 14-day simple advancing average (SMA). According to the Crypto analyst, this technical indicator shift points to a weakening bullish momentum for the Bitcoin price.
Kesmeci also noted that the fixed range volume profile (FRVP), which analyzes the trade volume around a price area, signals a heavy trade zone around the level of $ 103,500. A persistent closure below this level can lead to increased sales pressure for the flagship cryptocurrency, the analyst said.
Furthermore, Kesmeci said that the Alfatrend indicates that a second close by under 106,269 can activate a “sale” signal for the Bitcoin price. In the meantime, the average directional index (ADX) suggests that the bears get the upper hand on the market.
Finally, Kesmeci has indicated the following goal at the 0.5 Fibonnaci level and the FRVP value area Laag (VAL), both of which can be considered as large support zones, respectively at around $ 93,000 and $ 91,800. Ultimately, all these technical levels suggest that the Bitcoin price may be able to correct up to $ 91,000 – $ 93,000 bracket.
Bitcoin -price at a glance
At the moment the price of BTC is floating around $ 104,000, which reflects a decrease of almost 2% in the last 24 hours.
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Featured image of Istock, graph of TradingView