A popular analyst for digital assets from X Canda Crypto Patel said that Bitcoin is currently converting the key price resistance in the region prices of 106,500 USD. Based on the results of assets at this level, BTC investors may expect a stubborn continuation of the price or significant withdrawal of prices.
After a brief growth above USD 105,000 on May 12, Bitcoin remained associated with the range, since then showing no significant price movement. However, the stubborn moods remain high, as demonstrated by ETF from BTC Spot, which collect another almost $ 2 billion in weekly net investments.
Bitcoin at a crossroads: can Bulls push up to $ 120,000 – is waiting for $ 75,000?
IN X Post On May 16, Crypto Patel shares a elementary technical analysis of the Bitcoin prices movement, emphasizing the current main levels of support and resistance. According to the analyst, the latest augment in Bitcoin prices shows that the resource will analyze the critical resistance around the region prices of 106,500 USD. In particular, this resistance belt proved effective in induction of rejecting prices in December and January. If Bitcoin Bulls can cause sufficient demand on the market to tame this price barrier, Crypto Paters and Prime Minister Cryptocurrency will maintain its current growth department with the initial price set at 120,000 USD.
On the other hand, another rejection of prices may harm the expectations of current investors, because such negative development would force prices below the key support zone of USD 90,000 to trade as low as the current market of the market at 75,000 USD. This forecast correction indicates a potential decrease by 27.1% compared to the current market price despite the currently solid stubborn sentiments.
Interestingly, the relative force indicator (RSI) shows that Bitcoin has recently immersed itself from excessive territory, thus supporting the forecasts of the approaching price correction. However, macroeconomic achievements, such as a 90-day tariff truce between the USA and China and a mighty level of institutional investment, augment the potential of stubborn trends.
Forecasting bitcoin prices
During the Bitcoin press it is valued at USD 103 355 after a drop in 1.62% last week. However, the monthly assets of assets reflect an augment of 21.46%, signaling that most fresh market participants are still profit.
According to the forecast side, CoincodexInvestors show a high level of greed, as indicated in the Fear & Greed index at 74. Coincodex analysts predict that bitcoins will reach USD 127,872 in the next five days, and then price correction, which will return prices to around 111 616 USD.
In the case of a long -term investment, the analyst designs Bitcoin to achieve a valuation of USD 155,583 within three months and USD 148,1,167 within six months.
