Bitcoin prices have dropped by more than 3% over the past week, because the wider cryptographic market suffers from a general price correction under the influence of macroeconomic pressure. It is worth noting that the Prime Minister of Cryptocurrencies currently trads above USD 104,000, which is an estimated decrease by 7% compared to the recent highest all over time at USD 111,970. Among what can be a normal correction, the Daan Crypto market analyst emphasized the support zone with sturdy potential to stop further drop in prices.
USD 97,000–99 000 appears as a key level of BTC prices
In low X Post On May 31, Daan Crypto divided a cautious perspective on Bitcoin among the current price correction. The analyst notes that if the withdrawal persists until June, Bitcoin probably drops to around USD 97,000 –99 000 USD, with a reliable market resistance.
The choice of this Daana price range as the next main level of Bitcoin support results from the intersection of technical indicators. As you can see in the chart below, the price of 97,000–99 000 USD represents the average range of Bitcoin trade channel from 90,845 to 108,386 USD, together with the host of the 200-day movable average and 0.382 Fibonacci Retraction level.
The average rating in the trade channel usually serves as a key level of support or resistance, depending on where the price is relative. Among the Bitcoin price correction, the current average rating at the level of 97,000–99,000 USD is the next main floor for the Prime Minister Cryptocurrency-a decisive price drop shows that it would signal the bear price trend.
Meanwhile, the level of 0.382 Fibonacci is a well market correction zone, which means that prices generally go back to this area from resuming the initial trend. In addition, the 200-day MA is a long-term indicator that averages the price of closing the market in the last 200 days. It also works as a level of support during trends stubborn trends as a common level of re -test before the price continues.
Basically, all three indicators suggest that USD 97,000–99,000 would act as a solid technical support zone if the price of bitcoins would go further. However, the loss of the support zone would threaten the stubborn potential of Bitcoin, and the next level of support was set by approximately USD 94,000.
Bitcoin price review
During the Bitcoin press, it trades at USD 104,650, reflecting a miniature price enhance 0.14% on the last day. The premiere of the cryptocurrency also reports a monthly enhance of 7.21% indicating that most recent market participants remain in profits. However, a weekly decrease by 2.86% suggests that there is a need to revive market demand to stop the crawling investment in bears.
A distinguished picture from Pexels, chart from TradingView
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