#BTC☀️ BEARS DOMINATE BITCOIN BUYERS, UNDERSTAND WHY $94,000 COULD BECOME A KEY LEVEL
The Bitcoin market has not seen much change in prices in the past few days,
Although the price of Bitcoin reached $108,000 at the beginning of the week, it has been limited between $103,000 and $106,000 for most of the time,
Bitcoin has maintained its position above the psychological threshold of $100,000 since early May, but it has not managed to increase this momentum,
Recent on-chain data provides an explanation for Bitcoin’s current lack of movement and its possible trend in the coming weeks,
On-chain analyst Borak Kesimci said in a post on social media platform X on June 21 that the price of Bitcoin could fall between $93,000 and $94,000 in the short term,
He made this prediction The prediction is based on several technical indicators, one of the main ones is the Fixed Range Volume Profile (FRVP) Intensive Swap Level which is near $95,000 and is considered a strong resistance level.
If the price falls below this level, the selling pressure in the market may increase further.
Furthermore, the 50-day simple moving average (SMA50) is also important for the short-term trend which is around $105,000.
If the Bitcoin price closes below the SMA50, it may signal a further decline in the price. (RSI) also supports the bearish trend as it is below 50 and below the 14-day SMA. The lower lows formed in the RSI indicate the dominance of sellers in the market.
Borak Kesimci explained why $94,000 is the next important level. FRVP’s Value Area Low (VAL) is around $93,000 to $94,000. is in the middle which could act as a strong support and pull the price back after a short-term sell-off,
In addition, the 200-day simple moving average (SMA200) is also around $95,000 which confirms his analysis,
During the price decline, Borak has advised investors to be ready for buying opportunities near this support level,
Currently, Bitcoin is priced at around $101,596 which shows a decrease of 1.3% in the last 24 hours ....
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