Over the past few days, the Bitcoin market has been a largely insignificant price and performance. While the most critical cryptocurrency increased to 108,000 USD earlier this week, the BTC price was mainly constrained to a strict range from 103,000 to USD 106,000.
Indeed, the flagship cryptocurrency has maintained its position above the psychological level of USD 100,000 from the beginning of May, but did not build this shoot. The latest data in the chain provided insight into the current reluctance of Bitcoin to move and its possible trajectory in the coming weeks.
$ 95,000 acting as a barrier; Momentum weakens
In a post of June 21 on the Social Media Platform X, an analyst in the beetroot chain he repeated His earlier forecast that the price of Bitcoins may in a compact period dropped to the price range of 93,000 to 94,000 USD. In his position, Kesmeci quoted many technical indicators that form the basis of his prejudices.
The first of these highlighted indicators is the intense level of exchange (ISL) with a constant range (FRVP), which is a sophisticated level of support or resistance from the FRVP showing key areas in which the dominance of the buyer-salesman turned with intensive volume.
According to Kesmeci, the FRVP level of exchange is about USD 95,000, which means that this zone is a significant level of resistance. Pundit Online also noticed that if the Bitcoin price is not higher than this price level, it can further boost sales pressure on the cryptocurrency market.
Source: @burak_kesmeci on X
The analyst also identified the 50-day straight movable average (SMA50) as a crucial for a short-term trend. Kesmeci emphasized that SMA50 is almost USD 105,000 – the same level as, interestingly, BTC is going to be closed below for the second time. If Bitcoin successfully closes below this SMA50, the chain analyst concluded that he could catalyze the movement of the flagship cryptocurrency.
It seems that the relative force indicator (RSI) also supports the bear’s kesci. Currently, at levels below 50 and under 14-day SMA, RSI signals that the loss of momentum is underway to a stubborn Bitcoin movement.
As if it was not bad enough, Kesmeci also noticed that lower minima is being created in RSI, which is another proof that the market is currently dominated by the seller.
“Why am I waiting for $ 94,000” – Kesmeci
To answer the question why USD 94,000 is another critical level to be careful, Kesmeci explained that Val (low value area) in FRVP indicates about 93,000 to 94,000 USD. Beek explained that this level can act as a forceful support zone to send back the price at the compact -term BTC sales.
In addition, the cryptographic expert referred to the 200-day basic movable average (SMA200) as another confirmation of his prejudices. It is true that SMA200 is observed that nearly $ 95,000 coincides. Among the collapse of Bitcoin prices, Burak announced that market participants remained prepared for the distinguished support zone, as good purchase opportunities may arise.
During this time, Bitcoin is valued at around USD 101,596, which reflects the price drop by 1.3% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Recommended photo from Istock, chart from TradingView
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