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 Bitcoin price 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 been able to increase this momentum,

Bitcoin buyers are dominated by bears, 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 Bitcoin price reached $108,000 at the beginning of the week, it has been limited between $103,000 and $106,000 for most of the time remained limited between $103,000 and $106,000.

Bitcoin has held above the psychological $100,000 mark since early May, but has failed to extend its momentum.

Recent on-chain data provides an explanation for Bitcoin’s current lack of movement and its likely trend in the coming weeks.

On-chain analyst Borak Kesimci said in a post on social media platform X on June 21 that Bitcoin’s price could fall to between $93,000 and $94,000 in the short term.

He based his prediction on a number of technical indicators, one of the key ones being 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 indicate a further decline in the price, (RSI) also supports the bearish trend as it is below 50 and under the 14-day SMA, the lower lows formed in the RSI indicate the dominance of sellers in the market.

Borak Kesmichi explained why $94,000 is the next important level, FRVP’s Value Area Low (VAL) is around $93,000 to $94,000 which can act as a strong support and pull the price back after the short-term sell-off.

In addition, the 200-day simple moving average (SMA200) is also around is 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.

Bitcoin is currently trading at around $101,596 which shows a decrease of 1.3% in the last 24 hours.