Among the momentary break on the Bitcoin (BTC) market, he has recorded a price drop by 2% in the last 24 hours. The largest cryptocurrencies according to market capitalization floats between key resistance and support levels, and some analysts suggest that volatility may be in the compact -term future BTC.

The price of bitcoin consolidates near ATH

On Wednesday, Bitcoin, along with the rest of the cryptocurrency market, saw a compact retraction before the release of the Federal Open Market (FOMC) committee from May 6 and 7 from May 6 and 7.

The flagship cryptocurrency dropped by 2.7% from the daily opening of USD 110,000 to a multi -day lowest level of 107 107 USD, which suggests an investors’ cautious approach.

In particular, Bitcoin recorded a significant 15% rally in the last month, reaching a up-to-date all time (ATH) in the amount of USD 111,953 almost a week ago, and recovering about 50% compared to April.

Since the reach of the up-to-date ATH, Bitcoin has moved sideways, trading between 106 800 to 109,200 USD.

Despite the little withdrawal, Crypto Jelle analyst considers This Bitcoin trend in the discovery of prices remains “intact”, indicating that the price consolidates above previous maximas.

On the cryptocurrency chart, it currently creates a symmetrical triangle pattern in the lower time frames, and the upper limit is located between the sign 109.00 to 110,000 USD.

For Jelle, cryptocurrency is “building pressure on the next higher leg”, and the groundbreaking drives cryptocurrency to another 30% of the rally.

The analyst previously emphasized strength 3 (after 3) on the BTC chart, which suggests that its price expansion is focused to 140,000–150,000 USD after regaining the up-to-date ATH resistance.

Ali Martinez It was found This BTC remains “related to the range” despite today’s price drop, but he added that the low range of range is a key level for watching. He warned that a failure below USD 106,800 USD may cause increased volatility, which could send the BTC price to lower levels.

BTC RETEST to free the variability?

Titan of Crypto too confirmed This bitcoin is currently at a key level. According to the analysis of the market observer, BTC “still floats around the Daily Tenkan”, which is the level of observation during the potential variability of FOMC minutes.

The division from this support zone can send the cryptocurrency price to the next key support at around USD 102,700. On the contrary, maintaining current levels can set a scene for the up-to-date re -test of the upper range.

Meanwhile, Daan Crypto trades excellent That when Bitcoin consolidates near ATHS, BTC (ETF) commercial funds have recorded a significant impact in the last few weeks, registering their second best performance last week.

As he explained, one of the better “indicators” of the cycle to determine the strength or weakening at local peaks or Dnach was the flow of ETF, describing in detail that generally immense influence after a immense gear, while the price of BTC does not continue the rally, suggests a local top.

For the trader, “it is important that the bulls quickly conduct this movement, because obtaining billions of influx without proper progress of prices is not generally the best”, adding that “for the effort that is put in and a break in ATH, you want to see more.”

Daan considers that if a huge influx stops and the price of BTC, its compact -term results will probably be continued. However, if the price does not maintain the current range, “it may be necessary to see a little rinsing and panic from proper breakthrough movement.”

Bitcoin trades on $ 107,700 from this magazine, which is a decrease in a weekly map by 1.6%.

A distinguished painting with unmplash.com, chart from tradingview.com