Bitcoin needs to keep its momentum as it approaches all the time high, as a drop back to $ 108,000 can trigger a bearish dowrend, according to an entrepreneur.
“You don’t want to see this deviation back to the bottom $ 108k again at this point,” Crypto Analyst Daan Crypto Trades Says On Thursday, that bitcoin was added (Btc) is “attempt of a breakout.”
Bitcoin has $ 2.67 billion at risk
“Any closure around the $ 110k region will be good,” he added. Bitcoin reached $ 110,498 on Thursday but since retreating to $ 109,250, According to In CoinMarketCap data. It is approximately 2.5% below all times as high as $ 111,970.
The road chart review indicates that if Bitcoin returns to $ 108,000 – a level recently recovered it on Wednesday – it can strigger a bearish downtrend, which potentially push the price below $ 100,000 and possibly drop to $ 96,000.
Bitcoin has not dropped below $ 100,000 since June 22, when it briefly held $ 98,900 in the middle of the conflict between Israel and Iran. A move below this level will wipe over $ 2.67 billion in a long position, According to in coinglass data.
Many other analysts appear to be confident in a Bitcoin’s support. Crypto analyst Miles Deutscher Says“It’s very difficult to be a bearish here.”
Meanwhile, crypto businessman Cryptofayz Explained With a chart that if Bitcoin breaks the current full time of $ 111,960, it can continue its climb to $ 116,000.
Similarly, Thielen’s 10x Research Markus told Cointelegraph on Thursday That this price level can be reached by the end of July, citing strong flow to the Bitcoin ETF areas, uncertainty around the US Federal Reserve, and the rapid denial of Bitcoin’s supply to crypto exchanges.
Bitcoin integration phases are different from this cycle
However, Road Says The current integration -Includes Bitcoin looks slightly different from the previous ones in this cycle. “It still follows the same pattern where it is stalls, deviates below, retakes the range and then grinds higher,” he said, adding that it is missing “the actual breakout and continuation.”
Related: Bitcoin prices aimed at new highs but ‘divergences’ set $ 110k as a resistance
McKay Research founder James McKay Says“The longer we have the seasonal, multimonth consolidations, the more it will remove us from the beaten (path) with respect to the average four-year cycle of behavior.”
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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.
