Bitcoin Setup 🎯 – Could this move be the spark that ignites $149K?
Since Bitcoin failed to rise, the bears have kept the price under $110,000 for most of the weekend. This has caused a panic in the market, as the fear and greed index dropped to its lowest level in 5 months. The following price movement of Bitcoin affects the entire market, and where the cryptocurrency sits is a decision-making point.
Cryptocurrency researcher Wislade released an interesting analysis on TradingView showing that Bitcoin is reaching a key turning point. A quick rejection may occur at this important intersection due to the high supply zone.
The cryptocurrency expert said that Bitcoin remained above the demand zone from $106,000 to $109,000, which is a positive sign. These have typically been the strongholds for bulls in Bitcoin, leading to the subsequent rise.
Bulls must maintain this demand area to uphold the fundamental upward trend. Strong holding and a noticeable rise could push Bitcoin above $124,000, its all-time high.
Looking ahead, the cryptocurrency expert believes that this recovery could push the price of Bitcoin up towards $145,000-$149,000. The cryptocurrency will increase by more than 20%.
Although the bulls are maintaining a strong upward trend and keeping Bitcoin above $106,269-$108,715, bears may take control from here. Wislade says that rejection of the supply zone at $117,000 shows that sellers are still active.
If selling continues, the price of Bitcoin may drop, threatening vital demand support. The cryptocurrency researcher expects the price to suffer if bears break below $106,269-$108,715.
