Bitcoin analyst warns one large red candle out of indication that the emerging market has ended – here is its outlook
An analyst closely believes that Bitcoin (BTC) is at a critical turn and it may be a significant transition away from the outbreak of the bull market.
Nickname analyst Recount Its 114,800 followers on the social media platform X face that Bitcoin faces great pressure for sale at the current levels based on its Heatmap map, a visible tool that shows the place of purchase of sales orders in the request book.
“Bitcoin works on its way with a very dense supply range ranging between $ 93,000 and $ 100,000.
Blue sky is more than $ 100,000. “
According to the analyst, Bitcoin bulls Need To escalate and receive pressure on the sales pressure along the way to $ 100,000. Other than this, BTC can print a lower high structure than a declining and indicate that the emerging market has ended.
“In my view, it is very important for Bitcoin to wipe this price area in the short term.
We are sitting directly in the middle of the decision point, and all that will take a large red or green candle from here to persuade people to follow up, or a bull, respectively. “
The CheckMate scheme explains that hundreds of thousands of BTC sites are underwater as Bitcoin struggles to move above $ 95,000.
Also analyst He says This frequency may be seen at the current levels as a sign of exhausting the direction.
“We do not want to continue cutting, to be honest, you need to create a clear direction.”
While sellers seem to have the top hand over $ 95,000, CheckMate Notes This demand for money in Bitcoin exchange (ETFS) is still strong.
“GPA in Bitcoin ATH (the highest levels ever) has reached $ 40.62 billion.”
At the time of this report, Bitcoin is traded for $ 94,816.
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