The attack continues with the failure of the Bitcoin price in a meaningful achievement, and the bears have kept the price of lower than $ 110,000 for a majority weekend. This has already sparked fear in the market, as the fear and greed index fell in the fear area, which represents the lowest new level for 5 months. From here, the next direction of the Bitcoin price carries a lot of weight for the entire market, and the point where the cryptocurrency is the decision -making point.
Bitcoin price fell to a critical intersection
According to the Crypto Weslad analyst, who has published an interesting analysis on Tradingvief, the Bitcoin price is now sitting on what can be considered a level of making or breaking. This critical intersection is located in a large supply area, and with the strong show at this stage, rejection can be followed quickly.
The encryption analyst shows that the price of bitcoin is still exceeding the main demand area from 106,269 dollars -108,715 dollars, which is still very optimistic about the price. In fact, this was historically known as a point where Bitcoin Bulls often kept, supporting and performing the next wave of ascension.
This means that the bulls will have to continue to keep this demand area if they want to maintain the primary upward trend. In the event of a successful suspension and one subsequent reversal with a strong momentum, the bitcoin price can be placed on a road to wipe its highest level ever exceeding $ 124,000.
By moving beyond this point, the encryption analyst believes that this bounce can be sent to mobilizing bitcoin prices towards the target area 135,627-139,616 dollars. This will be an increase of more than 20 % for the encrypted currency.
Bears can still control
Although the bulls seem to keep the primary upper order while maintaining the price of bitcoin higher than the demand area of 106,269 dollars -108,715 dollars, there is still the possibility of taking the bears from here. Weslad refers to the last rejection of the $ 117,000 supply area as evidence that sellers are still very active in the market.
If the sale will continue, the pressure on the price of bitcoin can press more, which puts the main demand support. If the bears can successfully break the demand area from $ 106,269 -108,715 dollars, the encryption analyst expects the price to continue in the struggle.
The declining trend from here can lead to another 10 % collapse, and such an accident may witness that the price of bitcoin is moving directly about 98,384 dollars. This break means that Bitcoin has lost the psychological level of $ 100,000 for the first time in more than three months.
Distinctive image from Dall.e, Chart from TradingView.com
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