Bitcoin 108 thousand dollars: Can bulls maintain momentum against descending signals?
Bitcoin recently faced slowdown in its upward path after it reached more than $ 105,000 earlier this week. The cryptocurrency has shown signs of possible occurrence, but the main indicators have been focused on as the market evaluates its next movement.
The latest visions of analysts raised questions about whether the bitcoin market momentum could overcome the resistance level at $ 108,000, which is the highest previous level of all time.
Bitcoin market analysis analysis
Amid BTC price performance, the Cryptoquant Shayanbtc analyst presented Visions On the next challenges and capabilities of Bitcoin. Shayan noted that although the last bitcoin prices increased, the financing rates-a decisive indicator of the series-began to decline.
This declining difference indicates that demand in permanent markets may be weakening, which indicates whether the current upward momentum is sufficient to push bitcoin above its height at all.
In particular, one of the basic obstacles to the Bitcoin price to exceed $ 108,000 is the lack of enthusiasm in the strong market, as evidenced by the financing rates. According to Cheyan, increased financing rates usually indicate an increase in long positions and market optimism.
However, the current decrease in these rates indicates that traders frequently bet on more prices. Shayan stressed that without a significant increase in optimism and a greater flow of long situations, bitcoin resistance at $ 108,000 can carry a company, which may lead to a stage of unification or even the rejection of temporary prices. The analyst’s books:
LacoCoin to decisively breach $ 108,000, financing rates must increase more, indicating an increase in optimism and a greater flow of long situations. Without this enthusiasm at the market level, the resistance can reach $ 108,000, which leads to possible unification or temporary rejection.
An indicator of a long -term holder scale
On the other hand, their long-term holders-who kept their bitcoin possesses for seven years or more-did not appear to sell their assets. Another encrypted analyst in a post on the QuickTake platform male:
Bitcoin owners who kept bitcoin for seven years or more sold some of their property before the end of the previous bull market. Bitcoin holders in the long term have not conveyed their possessions to exchanges.
This behavior sheds light on the direction seen in previous market courses: long -term holders often remain flexible through price fluctuations, providing a fixed base of support for the encrypted currency.
The decision of these bearers to maintain their Bitcoin exchange indicates confidence in the long -term value of the original, even with the fluctuation of short -term market morale.
A distinctive image created with Dall-E, the tradingView chart
