Bitcoin price loses support 105 thousand dollars. That is why the downside will extend
Bitcoin price fell on a sign of $ 105,000 on Monday, but later in the day fell to trading at $ 104100 at the time of writing this report. The currency is currently working to combat the opposite wind brought by fears of renewable commercial tariffs, which have witnessed many investors taking very risky positions. In addition, China’s move last week to ban all forms of activities involved in cryptocurrencies, including mining, trade and possession, created a declining hidden.
Despite losing 4.3 % last week, Bitcoin is still a great success with institutional investors, with a road strategy. The company bought 705 BTC at a value of $ 75.1 million at an average price of 106,495 dollars in its latest purchase, up to its total possession to 580,250 coins. In addition, Japan’s Metaplanet bought 1,088 Bitcoin at $ 117.3 million. Meanwhile, Bitcoin’s investment funds in Bitcoin recorded $ 5.25 billion in net flow in May, where the investment funds circulated in gold, which had a plant of $ 1.58 billion of net external flows.
However, the declining pressure on the price of bitcoin has led to a decrease in its performance in the ETF market last week, and ends with $ 8 million of external flows. The Bitcoin trading volume has increased by 19.7 % in the past 24 hours amid a decrease in the price, indicating high pressure side pressure. However, the BTC Open Business Contracts increased by 0.56 % in the past 24 hours to 33.6 billion dollars, and that will provide support for Bitcoin and its negative side.
Bitcoin prediction
Bitcoin’s price momentum indicates the downside and sellers may continue to control if the resistance continues at 104,800 dollars. This first support that was created at $ 103,580 will witness. However, the controlled control by the sellers will lead to a decrease in the procedure for a test of $ 102,410.
See too
On the contrary, breaking more than 104,800 dollars will prefer buyers to control. With buyers control, the first barrier is likely to be $ 105,470. The procedure above this level will nullify the narrative of the downside. Moreover, this momentum may lead to extended gains to test the second resistance at $ 106400.
