This week was marked by a volatile Bitcoin market (BTC), with gains and losses almost equally distributed. According to data from CoinMarketCap, Bitcoin moved between $95,000 – $98,000, forming a strong consolidation zone. Burak Kesmeci, a popular crypto-analyst, says that Bitcoin is not at its critical price levels.
Bitcoin Key Levels To Watch – $94,000 Support Vs. $117,000 Resistance
It is a good idea to get acquainted with X post Burak Kesmeci published an informative technical analysis for the BTC markets on February 14. He highlighted two key areas that could determine short-term pricing direction.
The 1.6 Multiplier Gold Ratio, which is currently at $117,000, represents one of the critical zones. The 1.6 Gold Ratio Multiplier, a price tool that is used to find key resistance areas in bull markets, can help traders identify these zones. Kesmeci believes that spot traders should expect the bull market to reappear if Bitcoin Futures closes at or above $117,000.
Burak Kesmeci has identified that the second price zone is currently at $94,000. This is 111-day Moving average (111DMA). The 111DMA indicator is a widely used moving average that acts often as a crucial dynamic support level in bull runs.
A weekly or daily closing price below $94,000 on the Futures Market will result in a significant bearish influence, which can be translated into a rapid price drop. According to Kesmeci, Bitcoin is likely to break free of the current zone of consolidation and register a significant price change.
An increase in price may be supported by a number of factors. ETF inflows The US has made significant strides in its new crypto agenda, including a corporate interest. A negative macroeconomic development, such as a rise in inflation is a factor that investors need to be concerned about. The recent increase in US inflation is a good reason to expect a Fed rate hike.
BTC Exchange Inflows Hit $1 Billion – Price Dip Incoming?
Other news from analytics website IntoTheBlock reports Bitcoin’s market experienced an inflow in excess of $1.3billion, which resulted in a $1.04billion net increase. In general, large exchange inflows can be interpreted as bearish signals as the investors may have moved their assets to prepare for a sale on the exchange.
The leading cryptocurrency is trading at $96,653, which represents a 0.5% gain over the last 24 hour. The daily volume of trading fell by 1280%, and the current value is $32,29 billion. BTC’s market capitalization of $1.93 billion makes it the biggest digital asset.
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Source: www.newsbtc.com
