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Bitcoin has turned into a declining after it reached the highest new level ever exceeding $ 111,000 in May. This junction was expected in the tide as well as Bitcoin’s rally put in a huge profitShow the risk of profit that can smoke the price. To date, the price has already decreased by 6 % of its highest level ever and heading to $ 104,000 at the time of writing this report. But with bears control, the decrease is likely to be out of completion, and the cryptocurrency may decrease to less than 6 numbers again.
Bitcoin diseases are high all the time
Colonial analyst Make up Bitcoin price movement during the past few weeks and why the market is moving as it is. As shows, Bitcoin is known as the accumulation of textbooks since the upscale trend began in the second week of May. This accumulation was part of the reason that the cryptocurrency has risen to new levels at all.
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At this time, the encryption analyst revealed that the price of bitcoin has seen more pressure as it reached its lowest levels at the top and resistance was relatively flat. In addition, the pressure pressure that rocked the price of Bitcoin over the past few months due to the Donald Trump Wars has also decreased at this time, making buyers control the price. As a result of this is a possible “power of 3”, which the analyst explains includes accumulation, manipulation and distribution.
These three were part of the reason that the price of bitcoin was moving up. The resulting Rally witnessed an initial boost towards the previous high levels at all, and then, there was a batch to the highest new level ever exceeding $ 111,000. However, the price procedure has declined before Bitcoin can break $ 112,000.
As a result of the reluctant upward pressure, the reflection was inevitable, and the price of bitcoin suffered The decrease towards previous support levels at 106,000 dollars. However, this support has not been kept since then without this level, indicating “a noticeable shift in the market structure.”
Why a decrease to 92,000 dollars is possible
The analyst explained that “strength 3” can play now, and this He can see the price go down The largest investors also get rid of the mobilization of the minimum enlightened retail. Moreover, with the price of bitcoin in the direction without supporting 106,000 dollars for a longer period, it increases the probability of low price. The analyst said: “The rejection above the ATH and the subsequent collapse of less than $ 106,000 has introduced a large public supply, which may serve as resistance in the short term.”
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Given, it is expected that the bitcoin price will end up to $ 100,000 and even reach a low of $ 90,000. But if this happens, instead of launching a declining direction, this may mean an opportunity to buy, because this area can attract more liquidity and serve as a point that bounces back to another crowd.
“This possible withdrawal should not only be seen as a sign of weakness.” “In many bulls, such corrections and tremors get rid of excessive positions, re -control feelings, and ultimately lay the foundation to renew the rising momentum.”
Distinctive image from Dall.e, Chart from TradingView.com
