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Bitcoin $ 106,800 Test Support to select the next step from BTC

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Amid the stop of the market temporary, Bitcoin (BTC) witnessed a 2 % decrease in prices during the past 24 hours. The largest cryptocurrency depending on the market value hovering between the main resistance levels and support levels, as some analysts indicate that the fluctuation can be in the short -term BTC future.

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Bitcoin price merges near ATH

On Wednesday, Bitcoin witnessed, along with the rest of the encryption market, a small restoration before the FOOC Open Market Committee (FOMC) issued in the May 6 and 7 meetings minutes.

The leading cryptocurrency has decreased by 2.7 % of the daily opening of $ 110,000 to the lowest level in multiple days of 107,107 dollars, indicating a cautious approach to investors.

It is worth noting that Bitcoin witnessed a large 15 % rally over the past month, as it reached the highest new level (ATH) of approximately $ 111,953 approximately a week ago, restoring about 50 % of its lowest level in April.

Since I reached the new ATH, Bitcoin has moved sideways, trading between $ 106,800-109,700 dollars.

Despite the small decline, the Crypto Jelle analyst Vision Bitcoin’s tendency to discover prices is “sound”, noting that the price has been unified above the highest levels.

Bitcoin
BTC merges the previous ATH. source: Crypto Jelle on X

In the graph, the coded currency is currently formed a similar triangular style in low time frames, where the upper border sits between the mark of 109,00-110,000 dollars.

For Jelle, the cryptocurrency is to “build the following leg pressure”, with the outbreak of the cryptocurrency to another 30 %.

The analyst has previously highlighted the formation of 3 (PO3) in the BTC chart, indicating that the expansion of prices targets the level of between 150 thousand and 150,000 dollars after recovering the new ATH resistance.

Ali Martinez I mentioned BTC is still “linked to the extent” despite the low prices today, but it added that the low range is the main level of viewing. He warned that the collapse without $ 106,800 support could lead to an increase in volatility, which may send the BTC price to low levels.

BTC Rette to Trigger Trigger?

Titan of Crypto also Assure Bitcoin is currently sitting at a major level. According to the market observer analysis, BTC “still hovering around Daily Tenkan”, a level that must be seen during the possible fluctuations of FOMC minutes.

The collapse of this support zone can send the price of cryptocurrency to the next main support in about 102,700 dollars. On the contrary, keeping the current levels can pave the way for a new re -test of the upper limits of the domain.

Meanwhile, Dan Chipiro traded male Bitcoin is merged near ATHS, the BTFs -based boxes have seen large flows over the past few weeks, where they recorded their second best performance last week.

As he explained, one of the best “indicators” in the course to determine the strength or weakness in local peaks or bottoms is ETF flows, in detail that, in general, large flows have suggested after a large operation, while the BTC price does not continue to gather, to a local summit.

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For the trader, “it is important for the bulls to continue in this move because getting billions of flows without the proper progress of the price is not the best in general,” adding that “for the effort made and rest, you want to see more.”

Dan considers that if the huge flows stop and install the BTC price, it is possible that its performance will continue in the short term. However, if the price does not keep its current group, “we may need to see a little flow and panic first before the appropriate move.”

As of the writing of these lines, Bitcoin is trading at $ 107,700, a 1.6 % decrease in the weekly scheme.

Bitcoin, BTC, BTCUSDT
Bitcoin performance in the graph for one week. Source: btcusdt on Tradingvief

Distinctive photo of Unsplash.com, Chart from Tradingview.com

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