Bitcoin Setup đŻ â Could This Be the Move That Ignites $149K?
Since Bitcoin has failed to rally, bears have maintained the price below $110,000 for much of the weekend. This has caused market panic, with the panic and Greed Index plummeting to a 5-month low. The next Bitcoin price movement affects the whole market, and where the cryptocurrency is sitting is a decision-making point.
Crypto researcher Weslad released an intriguing analysis on TradingView stating that Bitcoin is reaching a major turning point. A rejection might occur fast at this important intersection due to the high supply zone.
The crypto expert said Bitcoin is remained above the $106,000-$109,000 demand zone, which is positive. These have typically been Bitcoin bulls' strongholds, launching the following rise.
Bulls must sustain this demand zone to preserve the core upswing. A solid hold and significant rally and breakout might push Bitcoin beyond $124,000, its all-time high.
Farther out, the crypto expert thinks this recovery might drive Bitcoin price rising toward $145,000-$149,000. Cryptocurrency would rise above 20%.
Although bulls are maintaining the major upswing and keeping Bitcoin above $106,269-$108,715, bears might take control from here. Weslad says the $117,000 supply zone rejection shows sellers are still active.
If selling continues, Bitcoin's price might fall lower, threatening vital demand support. The crypto researcher predicts the price to suffer if bears breach below $106,269-$108,715.
