Veterans analyst from X Canvel Daan Crypto shared an intriguing insight into the current structure of the Bitcoin market. IN The latest post On May 16, Daan Crypto provided technical indicators to BTC investors, emphasizing potential fundamental events that could affect the price of cryptocurrency.
Bitcoin break over the key at ATH for a stubborn rush
In a solemn breakthrough for investors, the United States and China agreed to the 90-day pause of the last steep tariffs, aimed at withdrawing the upcoming trade war between the two largest economies in the world. The announcement caused an enhance in market trust, and over $ 600 billion influenced global financial markets.
According to Daan Crypto, Bitcoin has recorded a rapid enhance in prices after this development, even exceeding the American stock market for some time in the amount of USD 106,000. However, since then, the enhance in cryptographic assets prices got strict, entering the market associated with 101,000 to USD 105,000, while the stock market has recorded a continuous enhance in prices.
At the current market price, around USD 103,000, Bitcoin trads a few price levels below the highest time at USD 109,000. Daan Crypto explains that the most crucial cryptocurrency must exceed this ATH level and introduce prices to discover a stubborn shoot for long -term growth. With the exception of this development, a market expert predicts that BTC will probably remain in consolidation in the foreseeable future.
Support zone 90,000 USD crucial for the structure of BTC bulls – analyst
In other events, Daan Crypto has chosen USD 90,000 as a critical level of support for the current market growth. The analyst stated that the decrease below this price would cause a bear signal, which indicates that Bitcoin fell out of stubborn coverage and may experience a significant decline.
In particular, prices of below USD 90,000 have not occurred since the reflection of the BTC price began in mid -April. Daan Crypto states that as long as the virgin cryptocurrency maintains this support zone, investors can be “carefully stubborn.”
However, a well -known market expert also notes that Bitcoin has a great weakness compared to the stock market compared to a month ago, when its price was 20-30% lower than the current market. In the current situation, Bitcoin probably follows the stock market markets, which increased by 30-50% in the last month, in the case of potential withdrawal of prices.
During the press, the leading cryptocurrency still trades in the amount of USD 103,509, which reflects a decrease of 0.51% on the last day.
Recommended photo from Istock, chart from TradingView
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