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Bitcoin (BTC) did not again regain the resistance of USD 84,000 and fell by 4% on another key support zone. Some analysts suggested that the cryptocurrency rally will be determined by a weekly closing, in which BTC failure or climbing to fresh levels.
Bitcoin gets $ 84,000 again
After losing the support zone of USD 84,000–86,000 on Sunday, Bitcoin did not regain this level. The flagship crypto has increased over 11%over the past week, briefly falling to the 4-month lowest level 76,600 USD on Monday.
Since then, the price of BTC has increased between 80,000–84,000 USD, without breaking the upper range of range for the last four days. Jelle cryptographic analyst excellent that this level of resistance was a key level in the first half of March.
In particular, the $ 84,000 sign served as an essential level of reflection during the price pump and correction of the starting price of months, and “recovery will have a difference for the rest of the month.”
Bitcoin has tried to recover this level in the last 24 hours, climbing to USD 83,900 on Thursday morning. For an analyst, recovering USD 84,000 may direct the price back to the breakthrough after the election, and things “would become really interesting.”
Ali Martinez pointed out that the largest Bitcoin supply barrier is in the $ 95,000 range, in which $ 1.2 million was bought by 726,000 BTC.
He also noted that the largest cryptocurrency of market capitalization is consolidated as part of a growing triangle, which can lead to 9% boost to USD 90,000, if it is above USD 84,000.
Nevertheless, BTC did not regain this key resistance and did not return to the support zone of USD 80,000. Jelle warned that “bulls must defend the current area, or it can cascit once again towards the high of the seventies.”
Is the cycle or upper or BTC?
TED pillows suggested that BTC is ready for another leg, because its price action resembles previous performances. He emphasized that Bitcoin maintained the trend of growing support, as in 2017 and 2020, which “shows that the cycle has not yet ended.”
Based on this historical price results, the analyst believes that cryptocurrency can again check support of 72,000–74,000 USD before a local bottom appears. “After that, there will be some consolidation and then another leg,” he explained.
Titan of Crypto trader pointed With potential reversal as BTC, it “shows DNA signs on a weekly chart” with a relative force indicator (RSI) as support, sold out of stochastic stubborn RSI crossover and prices in the lower Bollinger band. He also noticed that the BTC price -price resembles the 2020 market structure. Before a solemn breakthrough.
Meanwhile, the Nebraskangooner analyst confirmed That Bitcoin was “historically predictable”, which suggests that his weekly close range will be crucial for the next move. According to post, if BTC closes a week below 67,250 USD, it potentially indicates that the market has already reached the top because the distribution range would become.
The analyst explained that the cryptocurrency observed the levels of “distribution, accumulation and immediate reversal” on each BTC market. If Bitcoin remains “historically predictable”, cryptocurrency may fall to levels that are not noticeable from the end of 2023 and at the beginning of 2024.
Since then, BTC has been trading at USD 80,810, which is a 3.4%time decrease.
A distinguished painting with unmplash.com, chart from tradingview.com
