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the Bitcoin price collapse The focus is after the last pioneering Crypto decreases to $ 103,700. Crypto analyst Captain FAIBIK commented on the reason that 107,500 dollars and 103,500 dollars are the most important levels that must be seen as BTC looks to determine its next movement.
Why 107,500 dollars and 103,500 dollars is the key to bitcoin
in X postCaptain Vibik explained that 107,500 dollars and 103,500 dollars are basic, with the battle of bulls and bears to dictate the next step for the bitcoin price. The analyst noted that later this week, BTC Bulls will try to restore Resistance of 107,500 dollars And restore momentum.
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He expected a clean break and possess more than $ 107,500, could lead to a climbing leg towards a level of $ 117,000, which would happen a New at all (ATH) For pioneering encryption. At the same time, on the other hand, $ 103,500 is an important support level that the bulls must defend as its highest level in Bitcoin. Captain Vibik warned that the collapse below can transform momentum again in favor of bears.
Bitcoin price rose above 106,000 dollars on May 2, after news about the US decision to extend the pause of definitions on some Chinese goods until August. This is an upward view of the pioneering encryption yet Donald Trump stated last week China has violated the commercial deal with the United States.
Trump and President of China are scheduled to call the call later this week, which may enhance Bitcoin price If both sides can resolve any dispute over the current commercial deal. At the same time, the Federal Reserve Chair Jerome Powell failed to discuss the economy During his speech at the anniversary conference in the International Finance Department, which also continues to enhance uncertainty in the market.
The first step for BTC is to return to above 106,500 dollars
in X postKevin Capital indicated that the first step is for Bitcoin price to successfully recover $ 106,500. He pointed out that BTC has registered a weekly proximity at the bottom of this level, re -encryption in the danger zone. The analyst also noted that BTC needs to return to the top of this level in the coming days, or things can become “look unclear.” Kevin Capital added that this was a major level for several months, and nothing has changed.
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At the same time, the encryption analyst Titan detection of Crypto Katana is formed on the weekly chart of bitcoin. Explain In Ichimoku analysisKatana is formed when Tinkan and Kijun overlap. This indicates a decrease in momentum and market balance. He added that this development also precedes strong directional moves, with expansion or decline on the horizon.
At the time of this report, the Bitcoin price is traded at about $ 105435, within the past 24 hours, according to Data From Coinmarketcap.
Distinctive image from Getty Images, Chart from TradingView.com
