Bitcoin on the precipice? The 21-day EMA is acting as a key support and resistance levels are at $103K, $106.4K and $108.5K.
the CME gap between $80.5K and $77.5K could be a bearish target if resistance levels don't hold.
Online activity fell to 667,100 addresses, with whale trading down 51.64% from the previous month.
#Bitcoin (BTC) was trading at $97,202 at press time, up 2% in the last 24 hours and down 1% for the week.
Bitcoin's resistance and downside risk will be key to the next big move as the market stabilizes, analysts say.
#Cryptocurrency analyst EGRAG CRYPTO identified bitcoin's key support levels as the 3-day
Historically, #BTC has bounced off this EMA and is currently bouncing back up again. Analysts have identified three key resistance levels at $106,400, $108,500, and $103,000. A close above $103,000 is a strong bullish signal, while a close above $108,500 could signal an impulsive upside move.
Analysts suggested that this level could pave the way for further gains, saying that a close above $108,500 would be the ultimate bullish signal.
Optimism for a breakout remains, but the CME gap between $80,500 and $BTC The futures market has a gap, making it a target for a corrective price pattern.
If bitcoin fails to overcome resistance around $108,500, a sharp corrective move would cause BTC to fall 25%?
Such a move could also fill the CME gap, which is a bearish target for market participants. According to crypto analyst #Ali , bitcoin's network activity could fall to
This drop suggests that user activity and transaction demand have decreased as a result of the bearish sentiment among market participants.
addition, Ali said that over the past month Some suggest that the decline in whale activity is due to the fact that the bitcoin price continues to trade weakly and large investors are selling or withdrawing from the market.
Read us at: Compass Investments
