Since its last reflection, Bitcoin has been developing in the consolidation phase for two weeks. Find Elyfe’s analysis to decrypt BTC technical perspectives.
Bitcoins Situation (BTC)
After diving to support $ 91,350, the price of bitcoins has benefited the buyer’s interest, allowing her to bounce and integrate $ 100,000 again. Unfortunately, the cryptocurrency could not exceed this threshold and suffered a decline in its course before the consolidation phase began in the form of a range between $ 98,000 and $ 94,000. So it seems that Bitcoin has been in a situation of indecision for two weeks.
At the time of writing, Bitcoin is negotiated around $ 96,000. It is closer to the lower part of its range and is located in an area of significant value, just below the annual VWAP diameter and its 50 -day mobile diameter that is located at the same level as its monthly swivel point, for $ 335. The trend remains down. However, medium and long -term trends remain up.
On the side of the bull dynamics of Bitcoin, we observe that it has been revised downwards, but that it is still stabilizing and leaving the more important movement that will come. This is reflected both in its price and in its oscillators.
The current technical analysis was carried out in cooperation with ElyfeInvestor and popularizer in the cryptocurrency market.
Enlargement of derivatives (BTC/USDT)
In the last few weeks, we have observed the current decline in open interest and a basic course that indicates a gradual trip position on the market. However, this trend seems to have stabilized for two weeks.
Open interest no longer reduces significantly, suggesting market consolidation. This magazine can be interpreted as a sign that players on the market are waiting for the catalyst before renewing more active positions.
Although stabilization of stabilization, CVD continues to reflect the persistent declining trend. This reflects the predominance of sales orders, but with pressure, which gradually tends to disappear. This dynamics suggests a slowdown in the aggressiveness of sellers, which could announce shortness of breath. Continuation of this stabilization or even conversion of CVD could point out the balance between buyers and sellers, even a change in trend.
Since the last bitcoin correction, liquidation has remained limited on both sides of the market, without significant movements either for the buyer or for sellers. This situation reflects the stable market, contained volatility and caution of risk management. However, this balance is temporary. The renewal of volatility remains likely, especially in the case of a sudden increase in the volume or appearance of the external catalyst.
The thermal card by liquidation by BTC/USDT eternal contracts shows that Bitcoin is currently developing among the main liquidation zones:
- Above the first liquidation zone is identified around $ 100,000, followed by a level of $ 103,000, then a larger area between $ 107,000 and $ 111,000.
- A remarkable concentration of orders around $ 93,000 will appear below, while the second level of liquidation is well defined around $ 88,000.
These thresholds represent critical infection points for the market. Access to the price to these levels could lead to massive activation of liquidation orders, amplification of volatility and inducing distinctive directional movements.
Forecasts for a bitcoin course (BTC)
- If Bitcoins manage to keep over $ 94,000, recovery could allow it to exceed $ 100,335, opening the path to $ 102,500. Overcoming this threshold could then support the return to $ 106,000, then to ATH to $ 109,354, an increase of approximately 12 %.
- Conversely, if Bitcoin is unable to stay above $ 94,000, it could find support around $ 92,800. A long -term decline would then bring back its $ 91 $ 300. Finally, the turning point of this level could lead to a new fall towards 89,000 zone or more and more, representing a decline in approximately 8 %.
Conclusion
Bitcoin develops in the indecision phase after interrupted reflection and stabilizes within a narrow range. Despite the short -term trend down, the background dynamics remain intact. The market seems to be waiting for the catalyst and leaving this consolidation could lead to a more significant movement. In this context, it will be necessary to carefully monitor the strategic price response to confirm or modify the current forecasts.
Finally, remember that these analyzes are only based on technical criteria and that cryptocurrencies can develop rapidly according to other basic factors.
Are you interested in this study? Find our latest Solana analysis.
Maximize your Cointribne experience with our “Read to Earn” program! For each article you read, get points and approach exclusive rewards. Sign up now and start to accumulate benefits.
Elyfe specialist in technical analysis decrypts graphic trends on the markets of cryptocurrencies with strict and constantly evolving approach. Through its detailed analyzes, it brings an enlightened view of prices dynamics, helps investors and enthusiasts better understand and predict market movements.
The provisions of unwavering:
The content and products listed on this page are in no way approved by Cointtribunian and should not be interpreted as responsible.
Cointribune seeks to communicate all available information to the readers, but cannot guarantee its accuracy and exhaustion. We invite the reader to find out before any event concerning the company and also take full responsibility for their decision. This article cannot be considered as investment advice, offer or invitation to purchase all products or services.
Investments in digital financial assets include risks.
Read more