Bitcoin is struggling to restore momentum, with a stagnation in prices around the moving average for 100 days. The current market structure suggests a pivotal moment, as the upward bounce is still a strong possibility.
Technical analysis
Written by Shayan
Daily chart
The price of Bitcoin was combined near the moving average for 100 days at 96 thousand dollars, as the sellers try to pay it below this main support. The decisive collapse can lead to a deeper correction towards the large support of $ 90,000 in the coming weeks.
On the other hand, if buyers are defending this critical area and starting a recovery, then an escalating step towards psychological resistance worth $ 100,000 becomes increasingly possible. The relative power index hovers near the score of 50 neutral, indicating a balance between bulls and bears, with the outbreak of any of the two directions to determine the next direction.
The graph for 4 hours
The timeline enlargement for 4 hours, the price of bitcoin remains in the great bullish style. Currently, the price hovers above the low range of pattern, a major level that must maintain ups. If support remains intact, the market may witness an outbreak over the upper direction line, which paves the way for the continuation of the upward trend.
However, failure to keep this level can accelerate the pressure pressure, which is likely to pull the price to a sign of $ 90,000 or less. Until the outbreak occurs, merchants must prepare for increased fluctuations and cautious market movement.
Series analysis
by Shayan
The lengthy bitcoin monotheism near its highest levels can be attributed to a great profit by long -term investors. This trend is evident in the long -term SOPR scale, which measures the profitability of the coins for more than six months.
The 30 -day moving average for a long -term SOPR holder suggests that in the long run investors selling their possession activity to secure profits. Play this pressure pressure is an important role in Bitcoin’s struggle to expand its collection. However, it should be noted that these profit levels remain less than those observed last summer when Bitcoin was trading at low levels of prices.
If the pressure is reduced in the sale, Bitcoin may gain the momentum needed for a new higher leg, which is likely to come out of the current monotheism and aims to its highest levels ever.
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