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The Bitcoin Prize has become a lowering after reaching a new record of all time over $ 111,000 in May. This tide turn was expected as the Rally put Bitcoin holders to a massive profitshowing a risk of profit that could land the price. Until now, the price is already down 6% to its level of all time and to the trend at $ 104,000 at the time of the writing of the present. But as the bears take control, it is likely that the decline is far from over and that cryptocurrency could again fall below 6 figures.
Bitcoin’s pathology of all time
A pseudonym analyst that goes through your website on the TradingView website explain The Bitcoin price movement in recent weeks and why the market has evolved as it has done. As he explains, Bitcoin showed what is called a accumulation of manuals Since the start of the trend up to the second week of May. This accumulation was part of the reason why the cryptocurrency joined new peaks of all time.
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At that time, the Crypto analyst revealed that the price of bitcoin had seen more compression because reached higher stockings and resistance remained relatively flat. In addition, the sales pressure that had shaken the Bitcoin price in recent months due to Donald Trump’s pricing wars had also declined at that time, putting buyers in price control. The result of this is a possible “power of 3”, which the analyst explains includes accumulation, manipulation and distribution.
These three together were part of the reason why the price of bitcoin began to rise. The resulting rally experienced an initial push towards high levels of all time, then there was a push towards a new record greater than $ 111,000. However, price action decreased before Bitcoin could break $ 112,000.
Following the drop in upward pressure, a reversal was inevitable and the price of Bitcoin underwent a decline towards previous levels of support at $ 106,000. However, this support did not take place because it has since broken down below this level, signaling “a notable change in the structure of the market”.
Why a drop to $ 92,000 is possible
The analyst explained that the “power of 3” could be played at the moment, and this could see the price go further While larger investors pour out the less enlightened retail crowd. In addition, as the price of Bitcoin continues to look below $ 106,000 for longer, it increases the probability that the price can drop more. “Rejection above ATH and subsequent ventilation below $ 106,000 introduced a significant supplies of general costs, which can act as short-term resistance,” said the analyst.
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Given this, he expects the price of bitcoin could end up falling to $ 100,000 And even reach as low as the middle of $ 90,000. But if this happens, rather than triggering a downward trend, it could mean an opportunity to buy, because this area could attract more liquidity and serve as a bounce point for another gathering.
“This potential withdrawal should not only be considered as a sign of weakness,” said the analyst. “In many bull cycles, such corrections and shaking are used to eliminate excessive positions and reset the feeling, finally laying the basics of a renewed momentum.”
Dall.e star image, tradingView.com graphic
