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Bitcoin prices decreased by over 3% last week, for the reason that wider crypto market suffers from a general price correction that’s influenced by macroeconomic pressure. Remarkably, the Premier cryptocurrency now acts over 104,000, which corresponds to an estimated 7% decrease in its latest all-time high of $ 111,970. In the center of a mere correction, the market analyst Daan Crypto has highlighted a support zone with strong potentials as a way to stop an extra price drop.
$ 97,000 to $ 99,000 as a crucial BTC price level
In a brief X contribution on May 31, Daan Crypto shared a careful view of Bitcoin in the course of a current price correction. The analyst notes that Bitcoin, when the withdrawal lasts until June, will probably fall to around 97,000 US dollars through which he may find a reputable market resistance.
Daan Crypto's number of this price range as the following foremost support level for Bitcoin is predicated on a confluence with technical indicators. As could be seen from the next table, the value region of $ 97,000 to $ 99,000 represents the MID range of the Bitcoin trading channel between $ 90,845 and USD 108,386 in addition to the 200-day comparison and the retracement level of 0.382 Fibonacci.
Source: @daancrypto on x
The middle class in a trade channel normally serves as a key level of support or resistance, depending on where the value is relative. In the center of the value correction of Bitcoin, the present mid-range of 97,000 to $ 99,000 corresponds to the following essential priced for the leading cryptocurrency-a decisive price under this dignity a bearish price trend.
In the meantime, the retracement level of 0.382 Fibonacci is a healthy market correction, which implies that prices generally return to this area before the initial trend is resumed. In addition, the 200-day MA is a long-term indicator that permits the market closing price on average over the past 200 days. It also acts as a level of support through the bullish trends that act as a standard repetition test before the value continues upwards.
In general, all three indicators indicate that the 97,000 to $ 99,000 would act as a solid technical support zone if Bitcoin price should proceed to drop. However, the lack of the support zone would threaten the optimistic potential of Bitcoin, the following support level defines around 94,000 US dollars.
Bitcoin price overview
At the time of the press, Bitcoin acted a slight price profit of 0.14%last day with $ 104,650. The Premier Cryptocurrency also reports a monthly profit of seven.21%, which points out that nearly all of latest market participants proceed to be profit. However, the weekly decline of two.86% indicates that a revival of market demand is essential to stop clever bear investment.
BTC trade at 104,632 USD within the Daily Chart | Source: Btcusdt diagram on tradingview.com
Selected picture of Pexels, Diagram by Tradingview
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