Bitcoin’s Level Holds Despite Rejection: Analysts Warn Caution

Bitcoin (BTC), despite trying to reach the $108k resistance, was rejected as the 3rd quarter (Q3) began. Some market analysts have suggested caution for the months ahead.

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Bitcoin Maintains Crucial Range

Bitcoin price closed the second quarter by attempting to retest the $108,000 barrier, but was rejected. It ended Q2 and the month of June in the area around $107,140, which is its highest ever monthly closing.

The flagship cryptocurrency started the month of July by pulling back toward $105,000. It hit a low one week ago at $105,623. Analyst Rekt Capital affirmed This would suggest that BTC is undergoing a post-breakout test, and this could strengthen its case for gaining another foothold.

Analyst previously explained Bitcoin’s price would be solidified if it could close the week above $104,400. This area was lost and reclaiming it would position Bitcoin for confirmation and a new test of the level.

It would also continue to build its base in this area, allowing BTC’s Discovery Uptrend 2 to begin. The new weekly close, according to Tuesday’s analysis suggests that Bitcoin could be positioned for a post-breakout. retest.

In the same period, the analyst noted that BTC had broken out of the important 6-week downtrend around the $108,000 level, and also broke two 2-week downtrends.

Sjuul AltCryptoGems noted The rejection of this level affirms that “it is mandatory for bulls to step in quickly and not allow the price to have too big of a dip.” This is the flagship cryptocurrency that you need. “strong bounce from the most important support and resistance level, just at $106-104K,” It has temporarily held.

The analyst believes that if the support level isn’t held then it will lead to an even bigger drop, possibly to Macro Support, which lies between $101,000-$102,000. He pointed out a large gap between the support level and Macro, formed by the recent recovery in prices.

BTC is at Risk of a Massive Fall in Q3

Sjuul emphasized that below $101,000, the support for families is reduced. “there is not much to defend the price from falling much lower,” Addition to the “historical quarterly return of BTC for Q3 has not been great, so this adds some extra caution to the picture we have taken from the chart.”

Similarly, Daan Crypto Trades asserted Historical data indicates that the third quarter is usually the quietest for Bitcoin (ETH) and Ethereum due to the decrease in activity, volume and liquidity that occurs during summer.

BTC’s value is likely to increase as BTC enters a new quarterly and monthly period. “choppy start,” Bitcoin has not moved much from its current price range. descending Give it some time, suggests the channel to investors “play out and watch for confirmations” What direction will it take in the remaining months?

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Ali Martinez is a skeptic. gave A warning sign, or an indicator which had previously predicted “every major Bitcoin crash” A new indicator has appeared. Martinez says that the Tom Demark Sequential, an indicator which has been known to precede violent pullbacks in the past, gave a buy signal for the quarter timeframe.

In 2015 and 2018, the same flashing indicator was seen, with BTC falling over 75% and 85% after. According to analyst, if BTC follows the historical trend of its performance then it could fall below the $40k mark in this quarter.

Bitcoin’s daily trading price is $105,901, which represents a decline of 1.16 percent.

Charts from TradingView.com and Unsplash.com.