Hi there,
Bitcoin is finding it difficult to rise above $97,000. If it manages to break this level, it could trigger a strong upward movement, possibly reaching $98,500 or even the key $100,000 level.
Key Points
Support Levels: The $95,000 level is an important safety net for Bitcoin. If the price falls below this, selling pressure could increase, pushing it even lower.
Market Sentiment: Experts are divided on whether Bitcoin will rise or fall. Large investors are buying aggressively, which is usually a positive sign, but overall, traders remain cautious.
Consolidation Phase: Bitcoin has been moving within a tight range of $94,000 to $100,000, with little price movement. This often happens before a major change in direction.
External Factors: Economic events, such as US job reports, can impact Bitcoin’s price. If the economy shows strength, Bitcoin could dip below $95,000.
In short, Bitcoin needs to stay above $95,000 to keep its upward momentum. If it breaks past $97,000, it may rise significantly, but if not, it could drop to lower levels.
Why Bitcoin is Struggling at $97,000
*
Investor Selling Pressure: Many Bitcoin holders bought at prices between $97,000 and $99,500. As Bitcoin approaches this range, some may sell to recover their investment or take profits, making it harder for the price to rise.
Economic Uncertainty: Rising inflation and strong job growth in the US have raised concerns about future interest rate increases, making investors more cautious.
Macroeconomic Factors: A strong US dollar and high interest rates reduce the appeal of Bitcoin and other cryptocurrencies, adding to the challenge of breaking resistance levels.
Psychological Barriers: The $100,000 area is a major resistance level. Many traders are hesitant to push prices higher unless Bitcoin clearly breaks through resistance.
Conclusion :
Overall, BTCUSD has a bearish sentiment due to a bearish volume delta, but there is strong bullish pressure on candlestick lows. It is best to wait it out.
Happy Trading,
K.
Not trading advice.
Bitcoin is finding it difficult to rise above $97,000. If it manages to break this level, it could trigger a strong upward movement, possibly reaching $98,500 or even the key $100,000 level.
Key Points
Support Levels: The $95,000 level is an important safety net for Bitcoin. If the price falls below this, selling pressure could increase, pushing it even lower.
Market Sentiment: Experts are divided on whether Bitcoin will rise or fall. Large investors are buying aggressively, which is usually a positive sign, but overall, traders remain cautious.
Consolidation Phase: Bitcoin has been moving within a tight range of $94,000 to $100,000, with little price movement. This often happens before a major change in direction.
External Factors: Economic events, such as US job reports, can impact Bitcoin’s price. If the economy shows strength, Bitcoin could dip below $95,000.
In short, Bitcoin needs to stay above $95,000 to keep its upward momentum. If it breaks past $97,000, it may rise significantly, but if not, it could drop to lower levels.
Why Bitcoin is Struggling at $97,000
*
Investor Selling Pressure: Many Bitcoin holders bought at prices between $97,000 and $99,500. As Bitcoin approaches this range, some may sell to recover their investment or take profits, making it harder for the price to rise.
Economic Uncertainty: Rising inflation and strong job growth in the US have raised concerns about future interest rate increases, making investors more cautious.
Macroeconomic Factors: A strong US dollar and high interest rates reduce the appeal of Bitcoin and other cryptocurrencies, adding to the challenge of breaking resistance levels.
Psychological Barriers: The $100,000 area is a major resistance level. Many traders are hesitant to push prices higher unless Bitcoin clearly breaks through resistance.
Conclusion :
Overall, BTCUSD has a bearish sentiment due to a bearish volume delta, but there is strong bullish pressure on candlestick lows. It is best to wait it out.
Happy Trading,
K.
Not trading advice.
Trade closed manually
The price dropped and filled the open area because there was much more interest in selling than in buying. Anticipation was met, and the analysis is satisfactory.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.