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Analyst Says Bitcoin's Most Crucial Support Level is at $91,200 What's Next? $BTC
Bitcoin's price began May with an upward push similar to the last weeks of April, advancing towards the psychologically significant $100,000 level. With the leading cryptocurrency seemingly back on an upward trajectory, a prominent crypto analyst has issued a cautionary note for BTC investors who are extremely optimistic about the coin's future path.
BTC Price Could Continue to Rise if Support Holds
As seen in the chart below, Bitcoin's price tends to rebound whenever it reaches the short-term moving average.
According to Kesmeci, this 111-day moving average is hovering around the $91,200 level, which represents the most crucial support zone as Bitcoin's price approaches its weekly close. The on-chain analyst anticipates that the primary cryptocurrency will continue its current upward trend if it achieves several weekly closes above the short-term moving average.
Bitcoin Price Overview
At the time of writing, the price of BTC was around $96,685, reflecting a modest increase of just 0.2% over the past 24 hours. Although the leading cryptocurrency has not replicated the stellar performance of the previous week this week, it has had a strong start to the month.
The market leader continued its positive May performance, starting the weekend on a positive note, reaching $97,800 on Friday, May 2nd. According to data, Bitcoin's price has risen by over 2% in the last seven days.
$BTC
Analyst Says Bitcoin's Most Crucial Support Level is at $91,200 What's Next? $BTC
Bitcoin's price began May with an upward push similar to the last weeks of April, advancing towards the psychologically significant $100,000 level. With the leading cryptocurrency seemingly back on an upward trajectory, a prominent crypto analyst has issued a cautionary note for BTC investors who are extremely optimistic about the coin's future path.
BTC Price Could Continue to Rise if Support Holds
As seen in the chart below, Bitcoin's price tends to rebound whenever it reaches the short-term moving average.
According to Kesmeci, this 111-day moving average is hovering around the $91,200 level, which represents the most crucial support zone as Bitcoin's price approaches its weekly close. The on-chain analyst anticipates that the primary cryptocurrency will continue its current upward trend if it achieves several weekly closes above the short-term moving average.
Bitcoin Price Overview
At the time of writing, the price of BTC was around $96,685, reflecting a modest increase of just 0.2% over the past 24 hours. Although the leading cryptocurrency has not replicated the stellar performance of the previous week this week, it has had a strong start to the month.
The market leader continued its positive May performance, starting the weekend on a positive note, reaching $97,800 on Friday, May 2nd. According to data, Bitcoin's price has risen by over 2% in the last seven days.
$BTC
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