On Thursday, Bitcoin It underwent a slight emphasis on the threshold of USD 87,000, because the entire cryptographic market has gained traction after key messages and development in the sector. After a miniature violent growth, it seems that the flagship has lost the pair. The price of BTC could have dropped, but many analysts provide stubborn reversal to up-to-date heights.
Next level for Bitcoin Eyes up-to-date goals
The price of Bitcoin began to fall again after the experience of a diminutive reflection. The assets met with a sturdy resistance of USD 87,000, which caused him to repeat itself quickly USD 83,000.
Despite the loss of the shoot, Mags, analyst and cryptographic trader outlined Indicators that indicate stubborn growth in a miniature period. Mags predicts that BTC may be on the edge of a vast rally, provided that it maintains stability in a key support area.
According to a market expert, this support can be used as a stepping stone for the growth of up-to-date all time for BTC. The expert is considering the upcoming rally possibility For those who left the previous Bitcoin Dips up to USD 25,000 and USD 52,000.
Moving Bitcoin’s performance in this Bull Run, Mags emphasized that the level of 45 of the weekly relative force indicator (RSI), which represents the last two local DNA, was a solid area of support. Meanwhile, this level can also act as a solid support for recent declines.
The initial test took place when the flagship resource reached a low level of USD 25,000. However, there was a significant rally worth over 193%, bringing BTC value to the previous highest level of 73 100 USD. In the second scenario, BTC meant low USD 52,000. Then he recorded a price boost by 107% to the current highest highest level in history by 109,400 USD.
Currently, the asset was witnessed by the third test when it fell to a low level of USD 76,000. In this way, Mags believes that past trends can be repeated by driving refueling Lega to up-to-date higher levels In the coming weeks.
In the case of maintaining RSI level 45 and simply returns to the decreasing trend line, the expert provides for an boost of 64% from this area. Looking at the chart, this movement would lead BTC to USD 128,000, which is in line with the level of extension 1.618 Fibonacci.
The BTC market is moving into extreme fear
WITH Market moving sidewaysThe Bitcoins’ fear and greed indicator again sinking in the extreme zone of fear, reflecting the fear of investors. This change means that traders become more cautious because Bitcoin does not maintain key levels.
Although this may seem disturbing, Mags excellent This extreme fear was preceded by a sturdy reflection in BTC every time he reaches the zone. He further mentioned that the indicator recently fell to extreme fear when Bitcoin was priced at USD 54,000 in September 2024.
Meanwhile, prices have increased by over 102% for the last time. Given that the index fell to extreme fear, Mags believes it Btc It may witness the price reversal in the miniature period.
A distinguished picture from Unsplash, tradingview.com chart
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