Bitcoin (BTC) fell below $ 95,000 and risks a new drop in the middle of the current market. At the end of February, some analysts consider that the flagship crypto must recover certain crucial levels to continue its long -term upward trend.
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Bitcoin sees Monday bleeding
In the past three days, Bitcoin has seen its price drop below certain key levels, lowering 5.7% compared to the summits on Friday. In the middle of the news of withdrawal by the Securities and Exchange American commission of his crypto case against Coinbase, the largest crypto by market capitalization was negotiated for the first time in $ 99,000 in two weeks.
However, the positive feeling quickly disappeared After parbit, one of the largest exchanges of cryptography in the world, underwent a $ 1.5 billion hack which took around 401,347 ETH. As a result, most cryptocurrencies, including Bitcoin, have lost their momentary gains.
Since then, the flagship crypto has oscillated between the $ 95,000 and $ 96,000 area, briefly approaching the resistance of $ 97,000 on Saturday. On Monday, the correction continued, BTC lowering below $ 95,000 and reaching its one -week hollow at $ 93,800.
As analyst Jelle noted, Bitcoin continuous To empty the opening of New York markets. According to the position, the BTC withdraws from its recovery from Monday early every week after the opening of the American market, which has led its price to a red Monday fence several times in recent months.
Despite these retirees and recent market corrections, Bitcoin has stay In its post-electoral beach since November, showing minimum volatility. BTC oscillated between $ 96,000 and $ 102,000 half-zone from the range during most of this period.
In the middle of its recent performance, Altcoin Sherpa sharp Outside, except for February 18, Bitcoin has not closed less than his daily support zone in more than a month, reporting that BTC must close more than $ 95,700 to continue to hold this crucial level.
BTC Reads the rupture of Haussier flag
Meanwhile, Rekt Capital highlighted The BTC needs a monthly fence greater than $ 96,000 to continue its long -term upward trend. In January, the largest crypto recorded a historic candle after closing the month above the $ 100,000 mark for the first time.
This closure has confirmed the Bitcoin rupture of its post-electoral monthly Bull flag. However, the recent price action has seen BTC retests its level of rupture again, losing it momentarily.
The analyst said that cryptocurrency should recover and close in February above $ 96,700 “to confirm the escape and prepare for the pursuit of trends over time”.
He added that the BTC had exchanged this key level throughout the majority of February, and continuing to hold it would indicate a “new post -ist retest”.
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Rekt Capital concluded that the daily closure of BTC “is not as important as the higher delay signal” as the bottom of the Taureau flag continues to hold the support “and the trend of three months below lower Disadvantages still exists ”.
At the time of writing the editorial staff, BTC is negotiated at $ 94,165, a decrease of 2.1% of the daily time.
Star image of Unsplash.com, tradingView.com graphic
