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The veteran market analyst with X Handle Daan Crypto has shared an interesting insight into the present Bitcoin market structure. In a recent contribution on May 16, Daan Crypto BTC investors made some technical information available and underlined the potential fundamental developments that would influence the value effect of the leading cryptocurrency.
Bitcoin break over the important thing to bullish swing
In a giant breakthrough for investors, the United States and China agreed to a 90-day break to the newest steep tariffs, which goals to de-escalate an impending trade war between the 2 largest economies on this planet. The announcement triggered a rise in market trust, with over 600 billion US dollars flowing on the worldwide financial markets.
According to Daan Crypto, Bitcoin recorded a pointy price gain after this development and exceeded the US stock markets almost at USD 106,000 for some time. Since then, the value growth of the crypto assets has taken a standstill and entered an area between $ 101,000 and $ 105,000, while the stock market has a continuous price growth.
With a current market price of around $ 103,000, Bitcoin is a number of price levels with $ 109,000. Daan Crypto explains that the leading cryptocurrency exceed this ATH level and has to enter the value discovery with the intention to rediscover a bullish dynamic for a long-term upward trend. Apart from this development, the market expert predicts that BTC will probably remain in consolidation for the foreseeable future.
$ 90k support zone crucial for the BTC bull structure – analyst
In other developments, Daan Crypto chosen 90,000 US dollars as a critical support level for the present market clerk. The analyst explained that a fall under this price would generate a bearish signal, which points out that Bitcoin has fallen out of its bullish reach and will experience a major downturn.
Source: @daancrypto on x
Remarkably, for the reason that starting of the BTC price of price, no price disorders below 90,000 has taken place in mid-April. Daan Crypto states that so long as the Virgin Cryptocurrency maintains this support zone, the virgin may be “rigorously optimistic”.
However, the renowned market expert also finds that Bitcoin has a number of weakness in comparison with the stock market than a month ago, when its price was 20% to 30% lower than the present market. In this current situation, Bitcoin will probably follow the stock markets, which rose by 30% to 50% last month within the event of a possible price.
At the time of printing, the leading cryptocurrency continues to act at 103,509 US dollars, which reflects a decrease of 0.51% last day.
BTC trade at 103,509 USD within the Daily Chart | Source: Btcusdt diagram on tradingview.com
Selected picture of iStock, Diagram by Tradingview
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