Key Takeaways:
-
Bitcoin must maintain more than $ 95,000 to have a chance to retest $ 109,000 all-time high; Failure to handle can lead to a deeper correction, crypto analysts warning.
-
Many crypto analysts told Cointelegraph in March that Bitcoin could have a chance to reach new all-time highs in June.
-
The upcoming federal reserve decision on May 7 may influence the movement of bitcoin prices in the coming days.
Bitcoin needs to continue to hold above the $ 95,000 level for a chance to climb again and re-retest all times high, or deal with a deeper correction, says crypto analysts.
It came after some analysts told Cointelegraph earlier this year that June could be Bitcoin’s month (Btc) reaches new all-time highs.
“The level of $ 95,000-currently under integration-is a critical point of pivot, acting as lower border of a three-month range specified market structure between November 2024 and February 2025,” Bitfinex Says In a May 6 market report.
Bitcoin holding more than $ 95k will signal a “structural shift”
Bitfinex said Bitcoin holding more than $ 95,000 levels would signal a “structure shift” back to bullish territory, with a potential upward trend towards retesting all the time high.
Bitcoin reached $ 109,000 all-time high on January 20, hours before President Donald Trump’s inauguration.
At the time of publication, Bitcoin traded at $ 96,730, up to 3.03% in the past 24 hours, According to In CoinMarketCap data.
However, Bitfinex analysts said that if Bitcoin failed to hold above $ 95,000, it could be headed for further collapse.
“Failure to handle, however, can redefine the region, which increases the risk of a short -term denial and another leg of correction action.”
They said the next few days would determine whether Bitcoin would go to “on a long breakout or resolved with a retest of lower support zones.”
However, if Bitcoin continues the rally, it can catch many traders. Crypto analyst Thomas Fahrer Says In a May 7 X post that $ 400 million of Bitcoin’s short positions is at risk of eliminating a price level of $ 98,000. “Send it,” Fahrer said.
Bitcoin is approaching the timeframe many analysts predicted for new highs earlier this year. On March 28, Real Chief Chief Crypto Analyst Jamie Coutts is expected A target best case of $ 123,000 in June.
Related: Bitcoin price rally at 1,550% in the last time the ‘BTC risk-off’ metric fell to this low
Around the same time, Swan Bitcoin CEO said Cory Klippsten that Bitcoin has a “50% chance” to reach the new time High before end of June.
Since 2013, Bitcoin’s average performance in June has been slightly negative to -0.35%.
The upcoming decision of the Federal Reserve’s interest rate on May 7 may also have an impact on bitcoin price.
The announcement often sees the volatility of the crypto market both before and after the results are published. However, the latest data from CME Group’s Fedwatch tool indicates that the Futures market is visible Minimal odds of a cutting rate.
Meanwhile, the general sentiment in the market becomes more positive as Bitcoin’s price approaches the psychological $ 100,000 price level.
The crypto fear & greed Index.
Magazine: 12 minutes of nail nail tension when the fork of Ethereum’s Pectra Fork lives
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.
