As Crypto Bull Run continues to stop, the Bitcoin (BTC) market remains in a state of unification often moving between $ 101,000 – 106, 000 over the past two weeks. Interestingly, a market analyst at X Username Cryptodo7 participated in a possible path for BTC to re -establish its upscale momentum. However, this theory includes a significant price decline.
Trump Effect: Why may Bitcoin need to return to $ 76,000
Based on the promises of his campaign, US President Donald Trump obtained a great follow -up in the area of digital assets that were eager to a friend of encryption.
Because of these expectations, Trump eventually won, as US President Bitcoin motivated to become $ 108,000, which was followed by a correction to less than $ 90,000. Cryptodo7 analyst Explain These movements were organized by the market makers who guaranteed BTC’s return to $ 108,000 and Trump took office on January 20.
The analyst claimed that these market makers used participants in the new market who bought bitcoin at high prices such as exit liquidity. This sale in the market has led to a decrease in bitcoin, as shown in both cases. With Bitcoin stuck now in a bound market, Cryptodo7 states that the first cryptocurrency is needed to return to $ 76,000 in order to restart a new march.
This prediction depends on technical factors such as dual high composition and Wyckff distribution scheme in the short term, both of which indicate that BTC is due to a significant decrease. However, the choice of Cryptodo7 of $ 76,000 as a potential goal stems from multiple reasons, including the fact that this price level is a strong support area and a contest of liquidity, as it was a strong purchase area.
Moreover, the decline to $ 76,000 will finally allow the Bitcoin market to absorb excess requirements for new expatriates in the market who have previously bought at high prices. In addition, the price correction will present this institutional investors to actively assemble the BTC against the next gathering. Cryptodo7 predicts that collecting the next bull will definitely happen on the condition of Bitcoin Re -testing to $ 76,000 and finds adequate support at this price level.
BTC price overview
At the time of this report, BTC trades at $ 99,659 after a decrease of 2.74 % last day. Meanwhile, the daily trading volume decreased by 31.29 %, indicating a significant decrease in the interest of merchants.
To make any significant upward trend, Bitcoin faces great resistance at 106,0000 dollars, and moves the past, which may push the original to the new price areas. With the rise of the market of $ 1.99 trillion, BTC remains the most valuable cryptocurrency with the market dominance by 58.6 %.
Distinctive image from Unsplash, tradingvief chart
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