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Bitcoin has a ‘logical’ bounce zone at $ 100,000


Basic Points:

  • Bitcoin sees a moderate rebound on a weekly candle nearby, but entrepreneurs see the main resistance above.

  • BTC action price gives -risk to a deeper drop if the bulls fail to pick up the resistance zone.

  • Fibonacci analysis indicates that such a collapse may not pass more than 10%.

Bitcoin (Btc) Back to the top of $ 111,000 on weekly near Sunday as the review saw “promising” signs of recovery.

BTC/USD one hour chart. Source: Cointelegraph/TradingView

The BTC price of the “logical” bounce zone near $ 100,000

Data from Cointelegraph Markets Pro and Tradingview BTC/USD showed up almost 1% in the day to hit local highs of $ 111,369.

The latest sinking of the pair, which Macroeconomic data followedThe bulls were seen maintaining $ 110,000 support.

“It really promises $ BTC,” Crypto businessman, analyst and businessman Michaël Van de Poppe Reply In X.

“It makes a new low low and holds support for $ 110k. It would be great if we cracked $ 112k and burn the bull run.”

BTC/USDT a day chart with RSI data. Source: Michaël van de poppe/x

Participants in the market continue to hold views on variability in short-term BTC price actions. Famous entrepreneurs Cipher X suggested that $ 112,000 could spark new lows should fail to get it next.

“We are either firing $ 113,000 and pumping new highs, or if we deny here we are dropping to $ 100,000,” fellow businessman Crypto Tony added During the day, the adoption of a more classy views based on the weekly chart.

Trader Turbobullcapital referred to the 50-day and 200-day simple moving average (SMA) at $ 115,035 and $ 101,760, respectively, as an important level to watch forward.

“Lose a $ 107k area and the target of the downside becomes a $ 101k level that also happens to be in coincidence with the MA200,” part of an x ​​post ended.

“It’s a logical place to expect a bounce.”

BTC/USD One day chart with 50, 200sma. Source: Cointelegraph/TradingView

The “worst case of bitcoin coincides with $ 100,000

Number Cointelegraph reportedA theory in longer hours involves market makers in exchange order books.

Related: Bitcoin Bear Market Due to October with $ 50K Bottom Target: Review

Short sellers and bears, suggesting it, can be victims of manipulation before a giant short squeeze event taking the market to new high-time highs. It will echo price action by late 2024.

Meanwhile, Fibonacci levels of reestracement have indicated a maximum collapse of 10%, again based on historical behavior since the end of last year.

“$ BTC is usually under 0.382 level noticed.

“For anyone who wonders how low we can go, the 0.382 Fibonacci level is currently around $ 100k. So the worst case situation is a 10% fall before a 50% rally above $ 150,000.”

BTC/USDT One-Week Chart. Source: zyn/x

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.