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The Bitcoin -PRIJSCHRAGH is in focus after the recent decrease in the flagship crypto to $ 103,700. Crypto analyst Captain Faibik has noticed why $ 107,500 and $ 103,500 are the most important levels to look at, because BTC wants to decide the next step.
Why $ 107,500 & $ 103,500 are important for the Bitcoin price
In one XCaptain Faibik explained that $ 107,500 and $ 103,500 are crucial because the bulls and the fight against the next step for the Bitcoin price dictate. The analyst noted that BTC Bulls will try to reclaim it later this week The resistance of $ 107,500 and recovered momentum.
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He predicted that a clean break and holding above $ 107,500 could activate a bullish leg to the level of $ 117,000, that a New All-Time High (ATH) For the flagship crypto. In the meantime, $ 103,500, on the other hand, is an important level of support that the Bulls should defend if the Bitcoin prize look new highlights. Captain Faibik warned that a interruption below could shift the momentum in favor of the bears.
The Bitcoin price had risen higher than $ 106,000 on 2 May after news about the American decision to extend its rates for some Chinese goods until August. This offered a bullish look at the flagship crypto afterwards Donald Trump stated last week That China had violated the trade agreement with the US.
Trump and the Chinese president will receive a phone call later this week, which could stimulate further The Bitcoin price If both parties can resolve a dispute with regard to the current trade agreement. Meanwhile, Fed Chair Jerome Powell did not discuss the economy During his speech at the International Finance Division Anniversary Conference, which also continues to feed the uncertainty of the market.
The first step for BTC is to get back above $ 106,500
In one XCrypto analyst Kevin Capital indicated that the first step for the Bitcoin price to successfully reclaim $ 106,500. He noted that BTC had included a weekly closure below this level that the flagship Crypto places back in the danger zone. The analyst also noted that BTC should be above this level in the coming days or that things can “become sketchy”. Kevin Capital added that this has been an important level for months and nothing has changed.
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Meanwhile, Crypto analyst Titan of crypto unveiled That a Katana forms on the weekly graph for the Bitcoin price. He explained that In Ichimoku -analysisA Katana forms when Tenkan and Kijun overlap. This signals a low momentum and market balance. He added that this development also precedes strong directional movements, with an extension or withdrawal on the horizon.
At the time of writing, the Bitcoin price acts at around $ 105,435, in the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Getty Images, Chart van TradingView.com