Bitcoin price must recover 112 thousand dollars to finish integration and prevent collapse

Main meals:

• Bitcoin decreased by 14 % of its highest level ever 124,500 dollars, which led to a decrease in BTC supply in profit, indicating the market exhaustion.

• The offer area must be overcome from $ 112,000 to $ 116,000 to start the next leg.

Bitcoin (BTC14 % of its highest level ever decreased 124,500 dollars over seven weeks from 107400 dollars on Saturday. This correction witnessed the transition of the market to a large -scale net distribution, causing the “exhausted stage”, according to the new analysis.

Bitcoin’s decrease to $ 107,000 indicates “fatigue”

the Collect to new levels in mid -August It pushed 100 % of Bitcoin supplies to profit, according to Data From Glassnode.

Maintaining such periods requires strong, strong capital flows enough to compensate for the profits unabated, which is rarely lasting for a long time.

“This behavior is often captured by the basis of the amount of 0.95 quantity, which is the above threshold that is 95 % of the offer in profit”, “Glassnode He said In the last Unchance report per week.

Related to: Bitcoin is scheduled to overcome the “Red September” for the third year in a row

The last stage of euphoria lasted about 3.5 months, with more than 95 % of the offer in profit.

However, Bitcoin fell below this band on August 19, as “demand has finally showed signs of fatigue.”

Nowadays, 90 % of bitcoin in the profit offer, which ranges between 0.85 and 0.95 of the quantitative cost, or in a range of 104,100 – 114,300 dollars.

“Historically, this region was a monotheism after the cheerful summits, and often leading to an intermittent side market,” Glassnonde wrote, adding:

“The breaking of less than 104.1 thousand dollars would enhance the post -exhaustion stages that were seen earlier in this session, while the recovery of more than 114.3 thousand dollars would indicate the finding of its foot and the restoration of control of this trend.”

Likewise, the percentage of providing short -term carriers in profits collapsed to only 42 % of more than 90 %, indicating cooling textbooks for the market.

Glassnode also explained:

“Such sharp reflections usually raise the sale based on fear of senior buyers, which is often followed by the exhaustion of the sellers themselves.”

With modern BTC price recovery to $ 112,000More than 60 % of the short term width has returned in profit. However, this Return is still fragileAccording to the glass.

“Only a continuous recovery of more than $ 114,000 to $ 116,000, as more than 75 % of short -term supply can be returned to profit, can provide confidence necessary to attract new demand and upcoming leg fuel.”

The main resistance of Bitcoin is still $ 112,000

Bitcoin’s relief rally stopped at $ 112,000 Several times this week, which indicates that the bears are strongly defending this level.

The price faces severe resistance from the supply area 111,700-115,500 dollars, which is also a simple moving average for 100 days (SMA) and SMA for 50 days, as shown in the chart below.

The bulls must convert this area into new support to confirm the end of the correction, or risk more negative aspect in the short term.

Bitcoin “was merged without its former domestic domain and failed to restore it”, Trader and analyst Daan Crypto Trades He said In the X Publishing on Thursday.

“Moving to above 112 thousand dollars and the contract will be good in the short term.”

As CoINTELEGRAPH I mentionedThere is severe resistance from the 20 -day SIA moving average (EMA) at $ 112,438, which is what The price of bitcoin should overcome To confirm a higher decrease.

Such a step indicates that the corrective stage may end. BTC/USD may try Get up towards its highest levels ever.

This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.