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The price of Bitcoins was not able to maintain a stubborn momentum, which climbed the modern level of all time last week. Instead, the most essential cryptocurrency has undergone pressure over the past few days, falling by about 7% compared to the record price.
Unfortunately, the price of bitcoins seems to be at the beginning of what can be a disappointing run in the coming weeks. The latest data on technical prices indicate a potential reversal of the bear trend for the BTC price, and the market leader risk of losing a six -digit valuation.
Which technical indicators sound a sales alarm?
In a post of May 30 on the X platform, Crypto Bulk Kesmeci analyst provided that Technical insight into the Bitcoins price, explaining that the signs quickly change bears for the flagship cryptocurrency. Pundit Online predicted that BTC may ponderous down to around USD 93,000 in the near future.
Kesmeci emphasized the changes in some technical indicators in the daily time, suggesting that the correction can be on the horizon at the price of bitcoins. One of these indicators is the daily relative strength indicator (RSI), the momentum indicator that estimates the speed and size of assets prices.
As observed in the above chart, the daily RSI is about 51 points and below the 14-day straight movable average (SMA). According to cryptographic analyst, this technical change of the indicator indicates a weakening rush stubborn at the price of bitcoins.
Kesmeci also noted that the profile of a constant range (FRVP), which analyzes the volume of rotation around the price region, signals a ponderous trade zone around the level of USD 103,500. The analyst said that the maintenance of closing at this level could lead to increased sales pressure on the flagship cryptocurrency.
In addition, Kesmeci mentioned that Alfatrend indicates that the second closure below 106.269 may cause the “Sell” signal at the price of Bitcoin. Meanwhile, the average directional index (ADX) suggests that bears gain an advantage on the market.
Finally, Kesmeci pointed to the next goal at 0.5 fibonnaci and the low level of FRVP (Val) value, both of which can be considered as the main support zones, approximately 93,000 USD and 91,800 USD, respectively. Ultimately, all these technical levels suggest that the price of bitcoins can correct to 91,000 – USD 93,000.
Bitcoin price at first glance
In this letter, the price of BTC floats around USD 104,000, which reflects the decrease in almost 2% in the last 24 hours.
Recommended photo from Istock, chart from TradingView
