Main takeout:
Bitcoin did not break the $ 98,000 resistance due to the increase in profit generation.
The BTC price should be pushed to $ 100,000 for more than $ 95,000 in the daily chart.
The price of Bitcoin’s (BTC) was $ 98,000 on May 3, unable to exceed the resistance. Since April 22, the BTC price has formed a daily candle between $ 93,000 to $ 97,900, but could not close more than $ 97,440.
Bitcoin price behavior has not been selected for the last few days and is within a narrow range. With the increase in profits and the supply of profits, the market can see volatile price fluctuations at major BTC prices over the next few days.
We have realized more than “statistical level”.
Cryptovizart’s senior researcher at GlassNode said Bitcoin’s rally has reached $ 93,000-96,000.
In other words, the realized profit/loss ratio shows that the amount of Bitcoin sold by profit exceeds historical norms. This suggests that investors can promote profits, often promote potential market towers and increase sales pressure.
The chart below shows, “More than $ 9 has been realized for all dollars realized by loss!” Cryptovizart.Art
“The fact that the price is still over $ 93,000 is very amazing. It is dangerous for humble opinions.”
As reported by COINTELEGRAPH, BTC sales have been nearly $ 95,000 over the last few days as short -term traders booked.
Crypto analyst Checkmate says Bitcoin’s current market is in the main “decision point”. Therefore, Bitcoin needs to clean up this price in the short term to avoid other major modifications.
relevant: Bitcoin prices are still optimistic for Fed Rate Hike Week, Hype, AAVE, RNDR, and FET.
Bitcoin’s profit is now 86%depending on the data of GlassNode. This high rate often signals optimistic stages. But it represents potential risks. When the supply of profits exceeds 80-90%, historical patterns can lead to correction by increasing profits from short-term holders.
Considering these two scenarios, checkmate pointed out:
“We sit in the middle of the decision point, where the large red or green candle is all low or the bulls of the bulls are one large red or green candle here.”
You can see the price level of core bitcoin
Bitcoin should support the $ 98,000 resistance level and aim for more than $ 100,000.
However, the BTC/USD pair must be finished more than $ 95,000 in the daily chart. The price of the BTC fell below this level on May 4, which gained $ 97,000 after gaining a profit after the rally.
One positive catalyst for bulls can be a continuous demand of spots Bitcoin ETF. Bitcoin ETFS registered $ 1.8 billion in net inflow last week, according to the data of FARSIDE Investors.
Another catalyst can come from the Fed’s Fed on Wednesday.
Bears, meanwhile, will try to increase the possibility of withdrawing the price to less than $ 92,000 by maintaining a $ 98,000 resistance. The immediate goal at the bottom of the previous scope is $ 90,000, the convergence point of 100 and 200 days SMA.
Less than $ 90,000, the next main interest area is from $ 85,000 to $ 75,000. When you reach $ 75,000, all profits will be erased after 90 days of tariffs are suspended.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.