Key Takeaways:
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The emergence of a bear flag in the four -hour chart is projecting a Bitcoin price drop for $ 97,000.
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Entrepreneurs said BTC prices could have dropped less than $ 85,000 if major support levels were damaged, including $ 100,000 psychological levels and annual opening around $ 92,000.
Bitcoin’s (Btc) The price generates a classic bearish pattern in the lower time frames, motivating the fear that a breakdown can lead to a collapse to $ 97,000.
Bull Flag’s breakout points to $ 97K target
Bitcoin price action is formed by a book -Aralin bear flag pattern In the four-hour chart, a bearish continuation setup is formed when the price is rolled upward with a parallel channel after a sharp downward move.
In Bitcoin’s case, the flag began to form after the BTC dropped to nearly $ 103,100 on May 31. The integration continued on the weekend, with the price continued to re -retesting the flag support line.
Bearish’s continuation will confirm once the price breaks below the lower flag border at $ 104,800. The expected downside target of the pattern is now seated near $ 97,690, measured after adding the height of the initial flagpole to the breakout point.
Momentum indicator, including Relative Strength Index (RSI)also supports, along with the RSI currently at 44, suggesting that market conditions are still favorable to the downside.
Watch Bitcoin’s price levels in June – merchants
Data from Cointelegraph Markets Pro and Tradingview It is shown that the BTC/USD pair drops 6.3% from all times over $ 111,000.
While the BTC price closes 11% higher in May, merchants ask which direction can advance the price. The month of June has a history of producing mixed results with an average of 0.3% losses.
For Crypto’s popular Crypto Trades Analyst, the mid-range at $ 99,600 and the past all time high at $ 108,000 were important levels to watch out for the first week of June.
“I think there’s a good chance that the first week is probably a move that can be lost to see the first signs of local return -Is” at any of these points, the businessman Says In a post of June 1 in X.
Related: Bitcoin $ 200k ‘Obvious’ Breakout, The First BTC Buy Gamestop: Hodler’s Digest, May 25 – 31
A companion chart showed that a break above $ 108,000 would see the increase of BTC/USD pair towards it $ 111,900 all-time high.
Similarly, a break below $ 99,600 will see the lowering pair lower before looking for comfort from the 200-day simple moving average to $ 97,600.
“There is no strong bias in any direction here, so it will remain agile and play with what I get.”
“The BTC looks like it started a larger correction, which is likely to take it on the 2th Sunday of June,” Says Fellow Analyst Alphabtc on a June 2 post on X.
According to the analyst, a damage to the bear flag in the four -hour hours could see a lowering price of Bitcoin towards the $ 102,000 demand zone. The loss of this support will bring an annual tomorrow above $ 92,000 to the picture.
“The question is what happens around 92K?” Alphabtc asked, added that if it provides a purchase opportunity, the BTC may rebound from it to start a prolonged price detection recovery.
Conversely, if The tariff tensions continueBTC can even drop to $ 85,000, as shown in the chart below.
As cointelegraph reportedBitcoin entrepreneurs review weekly and monthly closure for clues where BTC can go price action, with psychological levels of $ 100,000 and $ 97,000 remaining major interests.
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.
