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Bitcoin’s price has increased by a substantial amount. tough start to the weekendThe price of the flagship cryptocurrency fell from its high point at $106,000 to just over $103,000 by Friday 20th June. This price range has been relatively stable, with the flagship cryptocurrency hovering at $104,000 for the majority of yesterday.
In the evening hours of June 21st, Bitcoin’s price was again under pressure from the bears, and fell by around $11500. The BTC price is discussed below, along with what the future holds for the biggest cryptocurrency on the market.
Next BTC Support Level Lies At $100,000: Analyst
Titan of crypto is the pseudonym for a well-known crypto analyst. put forward A fascinating analysis of the Bitcoin Price as it struggles to gain any momentum. The online pundit believes that the BTC price could be headed to a critical support level if the bullish momentum continues to fade.
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Using the Bitcoin price chart on the weekly timeframe, the next significant support level lies around the $99,000 – $100,000 range. If selling pressure is persistent, the confluence between the Fair Value Gap(FVG)and the rising Tenkansen (redline) in this area makes the price range a critical one to keep an eye on.
Tenkan-sen – a vital component of Buddhism Ichimoku Cloud indicatorIt is often thought of as a key line when analyzing trends on a short time scale. Tenkan-sen is seen as a major support or resistance line, and a line that can indicate a possible trend reversal.
Fair Value Gaps are a liquidity gap that is often caused by sharp price movements. This indicates a lack in trading within a certain price range. Investors often consider FVGs as possible areas of interest in future price corrections.
Titan of Crypto stated that Bitcoin could be supported by the Tenkan Sen and FVG, which are both set up in the same area. The $100,000 level is crucial in the near term for Bitcoin, as the bullish momentum of the cryptocurrency has waned.
While holding support above $100,000 could be crucial to your success, Bitcoin’s long-term trajectory. The price of BTC is not below $100,000 since 8 May, and has reached the $110,000 level twice in that time span.
Bitcoin Price at a Glance
Bitcoin is now back to about $103,000, after dropping as low at around $101,400 during the evening hours on Saturday. BTC’s price is around $102,845, a drop of about 0.4% over the past 24 hour.
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Featured image is from iStock. Chart from TradingView
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Source: www.newsbtc.com
