We are witnessing a fascinating movement in the price of Bitcoin reminiscent of April 21. After a 6% drop (from $106,000 to $100,333), BTC has been looking for support at the 50-period Exponential Moving Average (EMA) for the second consecutive day.
What to expect now?
If Bitcoin manages to consolidate this support at the 50 EMA, the next key target is the resistance at $112,000. This line, visible on the chart as the "red zone", marks the start of an important "Liquidation Pool" for leveraged traders (3x, 5x, 10x).
Our segmentation indicates that this liquidation zone could initially extend up to $116,000, covering the entire red area on the chart, which would represent a 10% increase in price.
Historical Context and Caution:
The last time #BTC touched the 50-period EMA, it experienced an impressive 30% increase. However, the current geopolitical situation introduces an element of volatility, so it is prudent to proceed with caution and observe the movement step by step.
We strongly recommend closely monitoring this chart to anticipate the upcoming movements. The key is Bitcoin's ability to maintain current support.
Do you think Bitcoin will break the resistance of $112,000?
