The cryptocurrency market began to recover due to the total increase in the purchase of merchants. This support follows a positive report on consumer prices and ease of global tensions. As a result, the price of Bitcoin is on the way to reaching 90 thousand dollars after exceeding some of the main obstacles. However, with a little pressure now, investors wonder whether Bitcoin may start to decrease again.
Bitcoin recovers after positive news
Today, Bitcoin is close to a mark of $ 85,000, and is fueled by upscale developments such as the positive consumer price index (CPI) and reducing geopolitical tensions. The main factor was the Ukraine’s agreement on a 30 -day temporary ceasefire with the participation of the United States, a move that Bloomberg has been reported to have subjected the global market tensions. This decrease in geopolitical uncertainty has strengthened the investor’s confidence and brought stability to the encryption market.
In addition, Ontario’s decision to get rid of electricity exports by 25 % to Michigan, New York and Minnesota reduce trade tensions and increase the feelings of comprehensive market.
Coinglass data shows that Bitcoin has seen a great activity in the market with about $ 75.4 million in centers that have been classified over the past 24 hours. This included $ 15.4 million by buyers and $ 60 million by sellers, indicating an increase in short liquidation amid bitcoin prices.
Distinguished momentum also affected the bitcoin market trends, while increasing the open interest in Bitcoin by approximately 6 %, reaching 49.8 billion dollars. InTothheblock data indicates that the upward trend is continuing with a decline in exchange reserves.
Also read: Trump Exclusive Executive Exclusive raises a new bill for the American Bitcoin Reserve
The Netflow scale was constantly negative, with a marked external flow of 3.1K BTC at the last 48 hours. This trend indicates that bitcoin holders from exchanges to the portfolios of self -needs, which reduces the possibility of selling pressure and indicating the continuation of the upward movement at the price of bitcoin.
What is the next BTC price?
Bitcoin is currently riding a wave of strong bullish activity, and aims to stable mode over the mark of $ 85,000. Bridized for a peak of $ 85,309 before facing resistance and slipping to less than $ 85,000. Currently, the bears strongly defend more than 23.6 % of the FIB channel. As of now, the Bitcoin price is trading at 84,593 dollars, which represents an increase of 5.3 % over the past 24 hours.
Looking at the future, the BTC/USDT trading pair challenges a resistance area in the range of $ 84.205 to 86,704 dollars. It is expected to increase purchase efforts to ward off any significant decline. If Bitcoin succeeds in violating a $ 90,000 threshold, it may be likely to climb about 95,000 dollars.
On the contrary, failure to meet the interest of the buyer near the level of 85 thousand dollars may withdraw, and may have decreased to the lowest level in 79,974 dollars.
However, the long/short percentage of Bitcoin has taken a sharp contraction, currently located at 0.67. This indicates an increasing dominance by sellers, who are likely to push for an immediate correction in the BTC price scheme. Nowadays, about 60 % of traders expect a decrease in the price.
