Over the past few days, Bitcoin market has seen a largely improvised work and performance. While the first cryptocurrency increased to 108,000 dollars earlier in the week, the BTC price was often restricted by a narrow range between 103,000 dollars and 106,000 dollars.
In fact, the leading cryptocurrency has maintained its site above the level of $ 100,000 since early May, but it has not been based on this momentum. The latest data on the series provided an insight into the current Bitcoin frequency in the movement and its potential path in the coming weeks.
95,000 dollars act as a barrier; The momentum weakens
In the June 21 publication on the social media platform, the BURAK Kesmeci series repeat Its previous drop that the price of bitcoin can, in the short term, decrease to 93,000 dollars to 94,000 dollars. In his position, Kissimisi was martyred with multiple technical indicators, which are the basis of his bias.
The first of these distinctive indicators is the level of intense swap in the volume of fixed domain (ISL), which is the level of support or resistance derived from the FRVP that shows the main areas where the seller’s buyer’s dominance turned with an intense size.
According to Kesmeci, the level of intensive swap of FRVP is about $ 95,000, which means that this region is a large resistance level. Critics online also indicated that if the price of Bitcoin fails to stay above this price level, this may increase the pressure pressure in the encrypted currency market.
Source: @burak_kesmeci on X
The analyst also identified the simplely simple moving average (SMA50) as a decisive in the short -term direction. Kesmeci highlighted that SMA50 is about $ 105,000 – the same level, which is interesting that BTC is about to close below for the second time. If Bitcoin is successfully closed less than SMA50, the analyst has concluded the series that it can stimulate the negative movement of the leading cryptocurrency.
The RSI (RSI) index also appears to support Kesmeci’s declining position. Currently, with less than 50 years and under SMA for 14 days, RSI indicates that there is a loss in the biotcoin movement.
As it wasn’t bad enough, Kesmeci also noticed that low levels are formed in the relative strength index, and this is additional evidence that the market is currently dominating the seller.
“Why do I wait 94,000 dollars” – Kissimisi
To answer the question about the reason why $ 94,000 is the next critical level that should be paid attention to, Kesmeci explained that Val (the low value zone) in FRVP indicates approximately 93,000 to $ 94,000. BURAK explained that this level can serve as a strong support area to send the price again after the short -term sales of BTC.
In addition, the Crypto Pundit referred to the simple moving average for 200 days (SMA200) as another confirmation of its bias. Correct enough, it is noted that SMA200 is close to $ 95,000. Amid the low price of Bitcoin, BURAK advised that the market participants remain ready for the distinctive support area, because good opportunities for purchase may appear around it.
From writing these lines, bitcoin value is estimated at about $ 101,596, which reflects a 1.3 % decrease over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
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