Bitcoin stops below 106 thousand dollars, as the analyst reveals the main support level for viewing
The cause of confidence
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Bitcoin price is still struggling to restore its upward momentum after creating the highest new level ever exceeding $ 111,000 last week. Today, Bitcoin is trading less than $ 106,000 at a current trading price of $ 105,381, which represents a 1.2 % increase last day and a 5.8 % decrease from its peak.
The current movement suggests a cooling period with merchants and analysts monitoring points of re -entering the potential market. Despite the decline in prices, the mood in the market is still relatively stable, as the Crypto Fear & Greed index is still hovering in the neutral area.
This indicates that the market has not yet entered the elegance stage associated with aggressive purchase. Although the immediate trend appears sideways, analysts began to highlight some of the technical and advanced signs that may form the Bitcoin path in the short term.
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Investors in the short term in Bitcoin 96.7 thousand dollars are seen as decisive support
accident appreciation Through a series shareholder on the Cryptoquant QuickTake platform, known as ABRAMCHART, it determines $ 96,700 as a crucial level of attention.
This number is in line with the average acquisition price for short -term holders, making it a possible recovery area if Bitcoin suffers from an additional decrease. According to the analyst, this support may be an operating point to renew the purchase interest if the correction continues to be corrected.
In addition, the increasing dominance of bitcoin puts pressure on alternative cryptocurrencies, including Ethereum. The analyst notes that the corrections in Bitcoin often redirect the capital away from Altcoins, which may weaken its performance in the short term.
In this context, the broader encryption market may suffer from liquidity fragmentation until Bitcoin re -establishs a clarity of trend. Abrahakart wrote:
If the liquidity is available, it is recommended to wait and monitor market movements, with the possibility of entering into new positions after the expected correction is complete.
The accumulation activity indicates institutional participation
In a separate common vision on Cryptoquant, another analyst, Mignolet, High A noticeable relationship between the movements in Bitinex Bitcoin reserves and price procedures.
Historically, the low reserves on BitFinex often precede escalating trends in the price of bitcoin, indicating that these external flows may indicate an increase in accumulation.
On the last occasion, about 24000 BTC was transferred to two portfolios, one of which was officially identified by Bitfinex and Tether Paolo Ardoino as belonging to 21 capital (twenty -sixth), an entity -backed entity.
The second portfolio participating in 14000 BTC received officially, but the timing of transactions behavior indicates a similar purpose. Unlike previous transactions, they are often associated with cold storage modifications, these movements appear to reflect strategic acquisitions.
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This level of accumulation, especially by a known entity by the rope, adds another dimension to the current bitcoin price. Since institutional players put themselves, retail participants may find an additional confirmation of long -term attention to assets despite short -term fluctuations.
A distinctive image created with Dall-E, the tradingView chart
