Failure to re -test 108 thousand dollars reserve profits, but the bullish traction remains
- Bitcoin’s failure to find a preposition above 108 thousand dollars over the past two weeks, but another failure does not necessarily indicate a decline.
Bitcoin PRICE’s failure to break the resistance of $ 108,000 from a sour feeling, as he sent it to an area worth 106 thousand dollars on Friday. The currency was traded at $ 106,888 at the time of writing, a decrease of $ 60 of its level 24 hours ago. The coin is due to its second consecutive loss for the first time in five days, as buyers tame their appetite, as the Federal Reserve is expected to maintain interest rates unchanged for a longer period.
Despite its latter decrease, it is possible that the decreased momentum in the Bellweether encryption market is limited in the short term, with a daily RSI 54 to this lines. In addition, the price procedure is still higher than the weighted moving average (VWMA), which adds credibility to the bullish supply. The resistance division was formed in a range of $ 108,000 -110 thousand dollars, and this arc can cut an ascending ram.
Bitcoin has spent ten out of the past fourteen days above the support level of 105 thousand dollars, and the current decrease depends mainly on profit reservation. The strong appetite for the coin in the ETF market is witnessing the bullish current that can help reduce the downside. According to Coinglass data, net net flows of $ 226.7 million were recorded by the US Bitcoin Spot investment funds on Thursday.
Bitcoin prediction
The momentum on the bitcoin price requires more negative procedures if the resistance continues at a sign of $ 10,200. With the seller in control, the currency is likely to find initial support at 106,625 dollars. However, the strongest momentum will break without this level and can test 106,040 dollars.
On the contrary, going to $ 10,200 will indicate control by buyers. In this case, the initial resistance is likely to come with $ 107625. The negative side recounts will be invalid if the price exceeds this level, and the extended board can send a higher btcusd pair to test 108,070 dollars.
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