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Merchants expect a Bitcoin price setback at $ 90,000, but a bull flag could explode new maximums if the profits near the reduction of rank maximums.
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The data in the chain suggests that the current gain taking is too weak to extinguish the current impulse of the price of Bitcoin.
The price of Bitcoin (BTC) has spent most of the week under $ 104,000 to $ 105,000, which many analysts have labeled as a resistance area, but an alternative vision suggests that BTC is simply consolidating with a bull flag.
A bull flag is a continuation pattern that is characterized by a period of action of the lateral price after a bullish and acute trend, and when the structure confirms or breaks the resistance of the trend line, the upward trend continues.
While it is said that the commercial portion of the flag in the range represents the indecision of buyers and vendors, in this scenario, the absence of purchase volume is the main culprit. As shown in the Trdr.io table below, the explosive movement of Bitcoin to $ 105,900 from $ 74,400 was accompanied by large liquidations in margin markets and solid spot volumes, which were aligned with several days of one billion billions.
Duration of this three -week period, several international companies based in the United States also announced plans to buy bitcoin and establish BTC treasures. The cumulative volume of spot and future Delta, together with the metric of open interest in the exhibition merchants of the table that are sold near the rank maximums and the absence of a new long leverage and spot positions of significant size that are opening in this area, while the Fay Spore Sute Soute Soute Soute Soute SOUTE SOUTE SOUT SOUTE SOUTE SOUTE SPEUTE SPERE SOUTE SOUTE SOUTE SOUTE SOUTE SOUTE SOUTE SUETE SUETE SOUTE SPEUTE SPERE SOUTE. Margin for fresh lengths.
The recently cooling phase of Bitcoin is a normal result after the recovery of almost 40% that began on April 8, and the loss of ascending impulse results from profits to be seen in the futures markets near the current range.
The short -term holder of Bitcoin, supplies Glassnode losses and loss data supports this view, as shown in the table below. The Ochain data company highlighted the profits for short -term merchants, but explained that it does not exceed the statistical standard, leaving room for a higher price.
“Recently, STH’s magnitude obtained the gain has increased to almost +3 standard deviations above its 90 -day average, which reflects a remarkable increase in earnings. In the past cycles, partly during the rally towards the athard to the deviations of Athard athards of more.
Related: Bitfinex Bitcoin Longs total $ 6.8b, while the shorts are $ 25 million, what time BTC recovers?
Bitcoin must try the underlying support before moving higher
With most of the apparent liquility on the side of the sale of Bitcoin, the duration absorbed by the move to $ 105,000, some analysts warn that a letter is reduced to test between $ 100,000 and $ 90,000, since the support could be the next movement for the price of BTC.
Indicators of liquuidity resource material of the Bitcoin market, except “a serious catalyst”, […] BTC has a legitimate support test of $ 100K, and Firecharts shows that the order book is preparing for that with the stacking of applicants and the offers move below. ”
Sharing his point of view with the followers of X, analyst Daan Crypto Trades said that bullish and bassist narratives with the potential to affect the price action of Bitcoin have “clarified” and it was noted that BTC Price has the estra. Ital Ital Ital Ital Ital Ital Ital Ital Ital Ital Ital-Way Way Ital Ital Ital Ital Ital Ital Time-Time-Time-Time-Time-Time-Time-Time Time Time Time Time Time-Time-Time-Time The Trump Trump Agreement was confirmed.
The analyst said that “$ 90k is still my long -term line in the sand for exposure to spot”, adding that it is “cautiously optimistic” with a price greater than $ 90,000, but that depends on how the US capital markets work in the short term.
“I would not be surprised to see a short -term discharge if the stocks were given and gave a higher minimum somewhere. Taking into account that most of the shares moved 30% to 50% in a single month, this would not be so crazy either.”
This article does not contain advice or investment recommendations. Each investment and trade movement implies risk, and readers must carry out their own investigation by making a decision.
