The price of Bitcoin has shown frequency and exhaustion marks during the past few days, with mostly side movement and two unsustainable rest periods of more than $ 105,000. This lack of momentum comes as the encryption market continues with the effect of continuous turmoil in the Middle East.
While the current cutting of Bitcoin’s work indicates that the bullish momentum of the encrypted currency, at the time, is not sufficient for the collapse of modern data on the chain, not only supports this reasoning, but also provides an insightful look at the next possible station of the leading cryptocurrency.
The advanced emotional index slip under 50 %
In the June 14 publication on the X platform, the Axel Adler JR. I mentioned The bullish feelings of Bitcoin among investors have begun to lose intensity. This observation depends on the series on the Bitcoin Advanced Specific Index, which measures the balance between the ups and dramatic sites on the market to measure trading morale in general.
As his name suggests, this chain indicates an insight into general feelings in a specific encrypted currency market. For example, a reading of more than 60 to 70 % usually indicates a strong bullish feeling in the market and is usually seen before or during price pools.
At the same time, when the value of the scale About 50 %, usually indicates the morale of the neutral market, which means that there is a level of frequency or balance between bears and bulls. This is usually recorded in a standardization stage, which precedes the ultimate direction movement in the market.
On the other end of the spectrum, when the advanced emotional index of Bitcoin reads less than 40-50 %, it means that fear or increased caution in the market, which may precede more loss in the BTC value. However, it can also indicate a bottom if the feelings are excessively pessimistic.
Source: @AxelAdlerJr on X
In the post on X, I am ADLER JR. About a decrease in the emotional index without a 50 % neutral threshold to about 46 %, which is located inside the descending lands. According to the analyst, the Bitcoin Feelings Index reached its peak above 80 % early in June, but he started slowly down after reaching the top.
Since BTC recently rose to $ 105,000 from $ 103,000, other important scales such as open interest also indicated a very few investor support, indicating an increase in the upward presence.
What is the next bitcoin price?
ADLER JR. The incomplete that is currently observed in the market may continue until an important thing changes – such as the feelings index -. In order to resume the upward trend, the analyst explained that the index must refresh over 60-65 %, which will only happen if there are simultaneous increases in the size of the net and open attention.
If this does not happen, the bitcoin price risks the next support level, about $ 102,000 – $ 103,000. For this reason, caution when dealing in the market is necessary, because the next support strength is still very probable.
From writing these lines, bitcoin value is estimated at $ 105,419, which reflects any large price movement during the past 24 hours.
The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
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